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What does "Redundancy" mean?

I know I said I would be leaving SW to focus on my college life but this is the only place I can really get help to understand certain stuff because my family is kinda in turmoil... Well, one quarter of my family as my cousin's workplace became redundant and he's lost his job because of it.

I wanna lend my support but I don't really understand it myself, please can anyone elaborate it for me, thanks?

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ikitclaw · 41-45, M

Dunno usually in the uk redundancy is better then been straight fired as you usually get a redundancy package..like a month or two wages or whatever. Often companies when making cuts offer volentry redundancy packs before aswel to give a chance to those that may want to leave before forcing it

Basically it's been fired but with a bit of cash (and not because your inept at your job). There are exceptions though like if a company goes under you'd be made redundant without a package ect That's uk anyway so I assume it's the same elsewhere