How will the severance be paid?
Answer
-
Where an application to leave the university under the terms of this VSS has been approved and accepted, payment will be paid as a lump sum voluntary severance payment.
-
It is important to note that because VSS is voluntary, the University will not cover additional costs incurred with leaving the University, such as flexible benefit penalties.
-
Under current legislation, the University believes VSS payments up to £30,000 can be made without PAYE tax and National Insurance deductions. Any payment above £30,000 will have PAYE tax deducted at the appropriate rate. Please note the VSS payment is non pensionable.