The COVID-19 pandemic has impacted the economy worldwide and affected many different industries, including the banking and financial industry. The current situation has given rise to a range of complicated issues for the financial sector to consider when trying to maintain cash flow. It may be that bankers and other financial professionals need to consider some if not all of the following situations and we can guide and advise you to ensure your interests are best protected during these very uncertain times.
Pay cuts
Pay cuts may well be a consideration for companies trying to weather the storm of the pandemic. If this is the case, financial professionals must obtain expert legal advice on the best approach and ensure that they have all the relevant information needed to make a final decision. Although employees cannot be contractually obliged to take a pay cut, the proposal must be carefully considered since it can affect their standing within the business once the crisis is over.
Bonuses
Similarly, the financial sector is likely to review any bonus payments that are due to be made due to the current economic climate. Those facing a reduction or cancellation of such payments should take advice on the best approach to ensure it is appropriate and raised at the correct time.
Furlough
The government’s Coronavirus Job Retention Scheme is being used to help businesses during this challenging time and to safeguard workers from being made redundant. The scheme is due to run until 31st October 2020.
Redundancy
Redundancy may be more prevalent in light of the pandemic and its impact on the economy. Those facing the possibility of redundancy should contact us for specialist advice on their rights and what route is best for them.
Homeworking
Homeworking has dramatically increased during lockdown and is set to be encouraged in some form or another for the foreseeable future.
Those with childcare issues due to schools not being open may also have questions and concerns about the impact this will have on their roles. We can assist you in understanding your rights and help in protecting your interests.
Contact Our Employment Lawyers for Hertfordshire & London, UK
To discuss your claim or if you have a question, call us on {{CONTACT_NUMBER}} for no-nonsense and impartial advice or fill out our enquiry form. If you need more advice on dealing with employment issues during and after COVID-19, we’ll be happy to offer a free no-obligation chat.
