We may only be three months into 2022 but plenty of big employers – both here in the UK and overseas – are making employees redundant for a myriad of reasons.
OVO Energy is reportedly trying to control costs by cutting 1,700 jobs as gas market prices soar to record highs, Tesco is in the process of axing 1,600 jobs as part of a business remodel, and Peloton has also said it will cut about 2,800 jobs globally due to a drop in demand for its products.
In the three months to 30 November 2021, however, the UK’s redundancy rate was a record low following the end of the furlough scheme.
But the tide may now be turning and employers that are going through the same process as the likes of OVO, Tesco and Peloton should be aware of how termination payments work.
Read more on Is your business planning for redundancies here:
You might be interested in...
17 Jun 2026
Read how engineering firms can balance short-term pressures with long-term growth using R&D, strategic investment, and the right advisory support.
Learn more
Innovating when the pressure’s on: Lessons from Silverstone Composites
16 Jun 2026
Business mileage rates have changed - and are to be backdated from 6 April 2026. This is the first mileage rate increase in over 15 years. Read more to learn what's changed.
Learn more
Mileage Rate Change 2026/27
08 Jun 2026
Kieran Oldershaw, Property Service Associate Director, talks about how he's developed in his career over the years and what advice he'd give to those who are just starting out.
Watch now
Beyond the Books Episode 6
08 Jun 2026
Discover how TC Group helped Sentinel ICCS Ltd overcome complex accounting systems, streamline audit processes, and improve financial reporting and compliance.
Learn more
Case Study: Sentinel ICCS Ltd
27 May 2026
Domicile. Residency. Double taxation. The tax impacts that you need to know about working or living abroad.
Learn more
UK tax implications of working abroad
27 May 2026
Cut through the AI hype and demo overload with our five practical tips to help SMEs adopt AI in a controlled, business-focused way.
Learn more
Top 5 tips for SMEs starting their AI journey