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SEVERANCE ARRANGEMENTS

The Minister recently announced that teachers exiting the profession due to redundancy at 31st August 2012 will be given three times the normal redundancy payment. If you wish to work out what this would mean for you then you should follow the simple steps outlined below to obtain an estimate:

1. You need to know your continuous service and your current annual salary which you can obtain either from your salary slip or from the scales in your UTU diary. You need to include all Teaching Allowances that you receive and take into account any reduction in salary due to part-time working.

1. You will receive

-  one and a half weeks salary for every year you have taught over the age of 41, and
-  one week for every year under the age of 41, subject to a maximum of 20 years.
                        To calculate this year’s offer multiply this amount by three.
                        (See ready reckoner below)

1. To calculate your weekly salary you simply divide the gross annual amount by 52.

1. Multiply the number of weeks calculated at (2) by the weekly salary calculated at (3) to get the normal redundancy payment.

If you have any queries about this process then please do not hesitate in contacting Headquarters for further advice.

PENSION ENTITLEMENT

Only those teachers who are 55 or over may claim their pension. Those between 55 and 60 will lose part of their pension if they claim it straight away due to actuarial reduction. You are strongly advised to seek independent financial advice about how this might impact on you. UTU can put you in touch with an Independent Financial Advisor to establish the facts about managing your finances through Platinum Financial Advisors. Contact the telephone number in your UTU Diary.

READY RECKONER - SEVERANCE PAYMENTS 2012

 

SERVICE:          10        11        12        13        14        15        16        17        18        19        20

AGE
51                    45        48        51        54        57        60        63        66        69        72        75

52                    45        49.5     52.5     55.5     58.5     61.5     64.5     67.5     70.5     73.5    76.5

53                    45        49.5     54        57        60        63        66        69        72        75        78

54                    45        49.5     54        58.5     61.5     64.5     67.5     70.5     73.5     76.5    79.5

55                    45        49.5     54        58.5     61.5     66        69        72        75        78        81

56                    45        49.5     54        58.5     61.5     67.5     70.5     73.5     76.5     79.5    82.5

57                    45        49.5     54        58.5     61.5     67.5     72        75        78        81        84

58                    45        49.5     54        58.5     61.5     67.5     72        76.5     79.5     82.5    85.5

59                    45        49.5     54        58.5     61.5     67.5     72        76.5     79.5     84        87

60                    45        49.5     54        58.5     61.5     67.5     72        76.5     79.5     85.5    88.5

60+                  45        49.5     54        58.5     61.5     67.5     72        76.5     79.5     85.5     90