You have certain rights when you’re made redundant. These include getting redundancy pay, a paid notice period and any money your employer owes you (for example, unpaid wages). However, if your employer has gone insolvent, you can apply to the Insolvency Service (a government agency) for payment instead.
Does my redundancy count as income?
Your redundancy payment won’t be treated as income when working out how much benefits you can get. It will be treated as capital. This means that the amount you get in redundancy payment will be added to any other savings you have.
Where do I get my redundancy pay if I am made redundant?
If the company has no money left to offer redundancy pay, then you’ll need to claim your statutory redundancy pay from the Redundancy Payments Service (part of the Insolvency Service). The money you get will come from the National Insurance Fund, a giant Government insurance scheme set up after World War Two into which we all pay as we work.
What do you get if you are made redundant in Northern Ireland?
A redundancy payout is essentially compensation for your loss of work. Here’s how it works: You get statutory redundancy pay as a minimum, provided you’ve worked for your employer for two years or more. The limit is currently £538 a week (£560 in Northern Ireland) if you were made redundant on or after 6 April 2020.
What should be included in a redundancy estimate?
The redundancy estimate should include details such as: The start date of your employment Your number of years of service used for redundancy calculations Any amount that is a payment in lieu of notice per your employment contract The redundancy payment amount (also known as severance pay)
What to do if you are made redundant in the public sector?
The same’s usually true if you take voluntary redundancy, so check first. If you think your job may be at risk talk to your employer and find out how high the risk is. It’s unlikely a rumour of job losses, even if it’s through a government announcement if you work in the public sector, will count as notice but be aware, many grey areas exist.
