Redundancies: The pitfalls to avoid when terminating jobs

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The process of reducing labour costs by downsizing is what is referred to as redundancy. FILE PHOTO | SHUTTERSTOCK

If your business has been affected by the harsh economic times, you are probably looking at ways to reduce your outgoings.

With labour costs often making up a large portion of the overall business costs, reducing this expenditure could well be your business priority this year.

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Note: The results are not exact but very close to the actual.