Redundancy

The Role Of Firms And Companies

Factories in the form of firms and companies are considered to be the backbone for the growth, success and development of any nation of the world. Economic growth is something that is considered to be the major determinant behind the development of any nation of the world.

Apart from the concept and idea of economic growth, there is another aspect to be discussed, known as the economic development. Economic development is the pace with which the nation is transforming itself in such a way that the whole infrastructure including tangible as well as intangible aspects shows or tends to reveal a positive improvement. Economic development not only includes the financial improvement but also improvement in terms of infrastructure and comparative position as compared to the other countries of the world. So economic development is a more broader perspective in terms of success as compared to the economic growth only.

At the start of this article we discussed about the role of different factories in the form of firms and companies. One must comprehend the economic fact that the existence and performance of the production units or factories in the form of companies and firms contribute a lot towards the aggregate business of the nation as a whole. So it is considered to be a healthy aspect for any nation that has too many production units working.

The greater the number of manufacturing and production units, the more will be the production and higher production ultimately leads towards higher exports as compared to the imports. We should be aware of the economic fact that high exports as compared to the imports gives rise to a positive and healthy trade surplus and trade surplus plays a major role in increasing the foreign exchange reserves of a nation along with the decrease in the foreign borrowings. Higher output or production also improves the level of employment in a country which is also considered to be a positive factor for the economic growth and development of the nation.

While talking about firms and companies, it is to be noted that the Redundancy level is high in different parts of the world. The high Redundancy level in those countries is due to weak employment plans and policies.

• Much Needed Redundancy Advice?
  
  In both cases, the person so made redundant has to take Redundancy Advice. Learn your rights, your ability to get money out of your employer and how much you could earn.
• What is Statutory Redundancy?
  
  The Statutory Redundancy pay is calculated on the basis of the age, the complete years for which he or she was in service with the employer and the weekly pay that the employee used to draw.
• Do You Know Redundancy Law?
  
  The Redundancy Law also goes on to say that the lump sum payment that is to be given to the employee so made redundant will depend upon the amount of weekly wage that was paid to him.
• Benefits of Voluntary Redundancy
  
  In many cases, it has been observed that the primary objective of a Voluntary Redundancy program may not be to cut costs and become profitable in the short term.