Redundancy Insurance

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Statutory Redundancy

Who is entitled to a Statutory Redundancy payment?

Not all employees are entitled to a statutory redundancy payment. To be entitled, you must be an employee. Self-employed people or members of a partnership do not qualify. You must also have worked for the firm for at least two calendar years continuously since the age of 16 and not be in an excluded occupation (see below).

If you do not meet these conditions, you won't get a statutory redundancy payment, even if you are genuinely redundant.

Excluded occupations:

• Share fishermen can never claim a statutory redundancy payment.
• Most public employees, for example, civil servants and police officers, also cannot claim a statutory redundancy payment as they have contractual arrangements which give them similar or better payments.

Losing the right to a statutory redundancy payment:

Even if you are entitled to redundancy pay, there are reasons you might not get it, for example:-

• Your employer claims to have offered a suitable alternative job, you may lose the redundancy pay (see below)
• You want to leave before the date your employment is due to end, for example, you have found another job (see below).

As you can see redundancy payments are not always certain and in any event they soon run out. How will you meet your mortgage and other commitments when this happens? Redundancy Protection is something that you should not put off. Take out Redundancy Insurance Cover now.

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 0844 875 55 33 or fill out our online quote request form and one of our advisors will contact you.