Since January 2010, employers covered by the Building and Construction General On-site Award [MA000020] have been required to pay the equivalent of 1.75 hours of wages per week of service to every employee made redundant. This award obligation amounts to 8 weeks wages after 4 or more years of continuous service and can total more than $8,000 per employee.
ReddiFund manages a redundancy fund into which you, as an employer, can deposit employee redundancy entitlements on a monthly basis. By doing so you will benefit from the security of managed liabilities, compliance with any award obligations and the ability to claim tax deductions in the year you pay your contributions. It reduces your administration costs and gives your staff the assurance that their entitlements are secure in the unfortunate event of you having to make people redundant.
ReddiFund provides two types of redundancy contribution options: standard and award, and can be downloaded in digital format.