18 Jul 2017
Many banks, including J.P. Morgan and UBS are thinking of moving jobs out of London after Britain leaves the EU. Partner and Head of Employment Law, Jane Mann, recently spoke to eFinancialCareers about what you can do if you’re asked to move from London because of Brexit.
- Check your contract. “If your contract has a relocation clause which says the bank reserves the right to relocate you to any country in the EU, refusing to go would be a breach of contract.”
- Is your net pay the same? Whilst you may be paid well to move overseas, is this really the case? Social security costs are notoriously high in Germany, so before you agree to move Jane suggests you could try and negotiate a, “contractual tax equalisation promise.” This means your net pay will be the same as in your old location.
- Will the bank move your family? You should attempt to negotiate a relocation package that covers the cost of moving. This involves help getting into certain schools that are hard to get into.
- What happens if you relocate and then are dismissed? “You should look at what happens to your bonus and pension if you’re dismissed. Some expat contracts will entitle you to reimbursement of relocation expenses. Banks will be thinking about all of this and as an employee the really important thing is to get it all written down before you go. There are a lot of disputes over fuzzy expat contracts.”
You can read the full article on eFinancialCareers website here.
