How much is your employment claim worth?

Ending your employment relationship can be a daunting prospect, particularly when it involves complex legal negotiations and agreements. That’s where Monaco Solicitors’ free Settlement Compensation Calculator helps you get where you want to be with the settlement amount you deserve.

What next?

It’s a simple yet powerful tool which gives you an estimate of how much money you could get if you and your employer agreed to part ways and entered into a settlement agreement.

In this post, we’ll look briefly at how the calculator works and why it can be a valuable resource for you. If you’d like more detailed information, have a look at our main settlement compensation calculator page.

What do we mean by a ‘settlement’?

In simple terms, when you enter into settlement negotiations with your employer, you should be looking to seal the deal with a settlement agreement (formerly called a compromise agreement).

A settlement agreement is basically a legal contract between you and your employer which sets out the terms of your departure, including any financial and other forms of compensation you’ll receive.

It’s a way to end disputes as amicably as possible and – more importantly – ensures you get some financial security as you transition out of your job. It’s the financial support that our calculator helps you to estimate.

The benefits of using the settlement calculator

You might ask why you should use the settlement compensation calculator? Here are a few of the key benefits:

1] Boosts your confidence

One of the main advantages is that the calculator helps you understand how much money you might be entitled to, giving you a better idea of whether any offer on the table is fair. Knowing this can really help boost your confidence when you’re about to enter into settlement discussions with your employer.

2] Ease of use

The calculator is designed to be straightforward and easy to use. You don’t need to know anything about employment law to use it.  Just enter some basic information, and it does the hard work for you.

3] Time-saving

Instead of poring over legal documents or trying to make sense of complex calculations, the calculator gives you an instant estimate. This saves you time and helps you focus on other important aspects of your transition.

4] Preparation for negotiations

Knowing the amount of your potential settlement equips you with valuable information for settlement negotiations. It helps you to argue for a fair deal based on clear, objective data, rather than on guesswork.

Key factors in calculating your compensation

You enter the details requested, including key issues such as your salary, age, notice period, etc, plus an indication of whether you’ve already raised a grievance or have particular kinds of claim.

The calculator then uses this information to provide an estimated settlement figure. There are many more key factors built into the calculator than we can outline here – see Monaco Solicitor’s main calculator page for more – but the following are some of  the more important ones:

1] Salary

One of the key critical factors in the calculation is your salary. In cases of constructive dismissal or unfair dismissal, the compensation typically reflects the income you lose while you’re between jobs. That’s why your salary plays such a significant role in determining the settlement amount.

2] Age

It’s generally harder to find a new job as you approach retirement age, so the calculator might estimate higher compensation if, for example, you’re in your early to mid 50s. However, if you’re in your mid-60s, you’re close to retirement age anyway, so your amount would be likely to decrease from what you’d get if you were 10 years younger.

3] Notice period

Your notice period is another important element. Often, you might receive payment in lieu of notice, meaning you get paid for your notice period without having to work through it. This can be a significant part of your settlement and is factored into the calculator’s estimate.

4] Years of service

The longer you’ve worked for the organisation, the higher your settlement amount is likely to be. This is particularly evident with redundancy where long service automatically entitles you to higher statutory pay. It’s also evident with other forms of dismissal as well, where you are likely to get offered an ‘ex gratia’ payment and possibly non-financial payments like continued health insurance, to acknowledge your loyalty and long service.

5] Company size

Larger companies might offer higher settlements to avoid lengthy disputes, while smaller ones might struggle with finances. So you’re more likely to get a higher settlement if you work for a large company.

6] Grievances and types of claim

If you’ve raised grievances or claims for issues like discrimination or whistleblowing, these can also increase your settlement amount.

The compensation calculator: A starting point for settlement negotiations

Our settlement compensation calculator is your ally in helping you find your way out of a difficult situation at work. Most importantly, it’s also there to help you make better informed decisions about your future.

However, while it’s a fantastic starting point, remember that it’s primarily a financial calculator and can only respond to the figures and other information you put into it. It can’t, for example, assess whether your redundancy or dismissal is unfair, or the extent to which you may have been discriminated against by your employer.

An experienced employment lawyer can help you with issues like that. They can also help you to explore whether or not there are any ‘hidden’ factors involved in your dismissal that you aren’t aware of.

These factors could be used in negotiations to significantly enhance the compensation that the calculator suggests or which may currently be on offer. If you haven’t already tried it, you can explore the calculator by clicking here.

What next?

Whether your problem at work relates to making a legal claim or any other employment law matter, get in touch with Monaco Solicitors for friendly and professional advice from an experienced team of specialist employment law solicitors.

If you just want to find out whether or not you have a legal case that’s worth making a claim for, press the ‘Get Started’ button on the image below.