Improvement in ex-Prospero and Sims redundancy terms…

Earlier in the year we raised the issue of banked legacy redundancy times for employees originally employed by Prospero that were worse than the harmonised redundancy terms with the company. The effect of this is that members of this population could, on average, receive £7000 less redundancy pay than if it all been calculated on current AXA terms.

We are pleased to advise that after negotiations, AXA Insurance have agreed to remove any banking that is worse than the harmonised than the current terms, so over one hundred members of staff who initially started work for Prospero or Sims have had their redundancy pay terms improved by several thousand pounds in the unfortunate case that they are made redundant.