All together now . But losing your job could be a different experience compared with the boom period for redundancies in the early nineties, when lay-offs averaged a million a year.
Payoffs vary from industry to industry.
In banking the going rates are still about one month's pay per year of service - although rates 50 and 100 per cent higher do occur. Right tends to deal with the upper end of the market. However, if your employer offers you a deal close to the statutory minimum, you have one very powerful tool at your disposal. This can give a lot of room for negotiation. In the end you may have to sign a compromise agreement waiving your rights to take legal action and to speak about the deal to the media.