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What is the full meaning of redundancy?

Definition of redundancy 1a : the quality or state of being redundant : superfluity. b : the use of redundant components also : such components. c chiefly British : dismissal from a job especially by layoff. 2 : profusion, abundance. 3a : superfluous repetition : prolixity.

Is a voluntary redundancy a genuine redundancy?

Voluntary redundancy is when you allow employees to choose to resign, generally in return for a financial incentive. Compulsory or genuine redundancy is when the business no longer needs anyone to do a particular job for operational reasons or the business is insolvent or bankrupt.

Is Super payable on genuine redundancy?

For example, termination payments like redundancy, unfair dismissal or a golden handshake don't form a part of your wages. Therefore, no superannuation is payable on these amounts as part of your termination payment.

What is a genuine redundancy?

A genuine redundancy payment is a payment made to you as an employee if your job is abolished and you no longer have a job. This means your employer has made a decision that your job no longer exists, and your employment is to be terminated.

Who gets Incolink?

Eligible workers are those who are currently working on a commercial building or construction site in Victoria, where an Industrial Instrument applies. Using EmployerLink makes it easier to manage your workers by ensuring accurate monthly contributions are calculated.

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