On 18 February 2003, the Government approved the drafting of a Bill, on a priority basis, to give effect to the new enhanced redundancy payments scheme. The Bill has since been sent to the Parliamentary Counsel for drafting. Following ratification of the new partnership agreement it is my firm intention to bring the increased statutory payments into effect at the earliest possible date.
The proposed new legislation will allow for simpler method of calculating service; changes in the treatment of absences from work; treatment of service abroad; simplification of application forms; new IT system, including e-government aspect.
The draft partnership agreement when ratified provides, in addition, that: the distinction between service under and over 41 years will be removed; there will be two weeks pay for every year of service; the bonus week will be retained; and rebate of 60% to the employer will be retained.