Insights Around Insurance

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Young people in particular have been hit the hardest by job losses, with an unemployment rate three times the national average. Photo: Getty Young people in particular have been hit the hardest by job losses, with an unemployment rate three times the national average. It’s not always easy to create a contingency plan in case of redundancy, especially when so many people are living hand-to-mouth. So how can you plan your finances if you are worried about losing your job? Check if you are eligible for a redundancy package If you’re concerned about being made redundant or believe you may lose your job in the near future, it’s important to check what redundancy payment you will receive. Go through your employment contract, which will state what package you may be entitled to. You can work out how much redundancy pay you might get by visiting the Direct.gov website. It depends on your age, weekly pay and number of years in the job. In the UK, you’ll normally be entitled to statutory redundancy pay if you’re an employee and you’ve been working for your current employer for two years or more. WATCH: How to answer difficult interview questions You’ll get half a week’s pay for each full year you were under 22, one week’s pay for each full year you were 22 or older but under 41, and one and half week’s pay for each full year you were 41 or older. Your employer can’t pay you less than the statutory minimum, find here but they may pay you more if your contract stipulates this. If your company suddenly collapses and you are out of work immediately, you are still entitled to redundancy pay but you have to claim it from the government’s Insolvency Service instead.

https://sports.yahoo.com/how-to-plan-your-finances-if-you-are-worried-about-redundancy-060043783.html

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