payments

FSB calls on FTSE 100 firms to ease late payments crisis

Dispute

The Federation of Small Businesses (FSB) has called on the UK’s leading companies to address the issue of late payments.

FSB Chairman Mike Cherry sent a letter to the leaders of the FTSE 100 companies urging them to lead the way in eliminating late payments that can cause huge cash flow problems for smaller firms.

Mr Cherry said: “The poor payment practices that run rampant through UK supply chains is a national disgrace with the country falling behind almost all other industrialised nations in our ability to pay small businesses on time.

Payments in Lieu of Notice from April 2018

Compensation

Most employers will, at some stage or another, have parted company with an employee by way of entering into a settlement agreement.  Under such an agreement an employee is usually paid a sum of money in return for waiving any potential claims he or she may have against the company.