If you accept redundancy as a result of a negotiated agreement with your employer, you will be entitled to a termination payment that will generally have a number of different components. This may include:
- Accrued annual leave and leave loading owing you
- Accrued long service leave
- A redundancy payment (including a payment in lieu of notice and possibly including accrued sick leave). The redundancy payment may include an Employment Termination Payment (ETP) component.
Remember, the first 2 components listed above are your normal entitlements. You would receive this money if you simply resigned from your job.
If you are under an industrial award or agreement, the minimum payments that must be included will generally be stated in that agreement. If you are not sure, speak to your union representative or HR department, or go to workplaceauthority.gov.au
It is not unusual for the payment to include 4 - 6 week s of your base salary, and then an additional 2 - 4 weeks base salary for every year of service with the company.
If you accept a package under a redundancy scheme, by law your employer must provide you with a 'Schedule of Payments' outlining exactly what you will receive under the scheme. It is advisable to have the schedule professionally checked to ensure that it is correct. An IFFP Planner can assist you with this.
<< Dealing with redundancy
 What should I do if made redundant?
The Do's and Don'ts if made redundant
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