Redundancy Insurance

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Redundancy Advice

OK it's happened you are redundant! What now? What rights do you have and where can you get help and advice?

Redundancy is defined as where an employee is dismissed because the employer closes down the business, or the employee's place of work, or there is less of a need for work of a particular kind.

The Employment Rights Act 1996 states that if you are made redundant you have a right to a payment from your employer if you have had 2 or more years of continuous service. The number of hours you work each week does not affect your entitlement. Self-employed persons do not qualify for statutory redundancy pay. The lump sum you are entitled to depends on how long you have been continuously employed by your employer. The maximum number of years continuous service that count for statutory Redundancy Payments purposes is 20. The current weekly pay limit is £310.

Your employer has to make the payment when you are dismissed or very soon after. If the company is insolvent, or refuses to pay, you can apply to the Government for a direct payment from the National Insurance Fund. There is no income tax paid on a statutory redundancy payment. However, any additional redundancy payments you receive from your employer may be taxable. Statutory Redundancy payments have no effect on your entitlement to contribution-based Jobseeker's Allowance.

Once you have been notified about redundancy your employer should allow you a reasonable amount of time off work to seek other employment. Taking a new job with the same employer can affect your entitlement to a payment. If the new job is with the same or an associated employer you will lose the payment if the new job is offered before your old employment contract expires, and starts within four weeks of your termination.

No matter how much notice you get and how generous your Redundancy Pay is, it is very rarely enough to give you financial stability until new employment is obtained. This is where Redundancy Insurance is important. Getting Redundancy Protection from an independent broker such as UKinsuranceNET guarantees that you will receive truly impartial advice pertaining to your own individual circumstances.

UKinsuranceNET Accident, Sickness & Redundancy Insurance policies can be tailored to suit your individual needs. Simply click for a quote. Alternatively speak to one of our highly experienced consultants today on 0845 365 1264 or fill out our online quote request form and one of our advisors will contact you.