Redundancy and Retirement
Are you worried and distressed about your payments after facing redundancy? Are your funds withheld? Then, you are entitled to take immediate payment benefits related to your employment. Several people are facing redundancy due to the sudden stop of regular income.
Impact of Redundancy
Usually, if an employee is facing redundancy, by default, redundancy payments will be entitled. But, length of service, retirement age, performance, attendance, and discipline towards the work are considered. A lump sum payment is paid to you after assessing your service years. Everything will be carefully assessed for the process to get done smoothly.
You need to look out for various options if you have made redundant.
- you are dismissed from the work due to the reason of redundancy, you might be entitled to the statutory redundancy pay
- you are offered a settlement agreement through contractual redundancy
Either of which, you will be paid by your employer.
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How long have you worked for your employer?
The tenure of work for your employer is a crucial aspect for counting the service years. It will be calculated from the first day of your service and till your employment ends.
Redundancy Eligibility Criteria
Some employers may seek people to apply for voluntary redundancy if a person crosses over 65 years. Although, it is not a problem if one volunteers, it would be considered as directly or indirectly age discrimination. However, the following criteria can be applied while selecting employees for redundancy, which includes:
- experience and skills
- length of service
- performance record at the workplace
Other legal factors that make valid reasons for redundancy are as follows:
- if a technology overtakes the workload of a person
- the job you hired does not exist anymore
- layoffs of employees
- business is closing down or moving
Want to know whether you are entitled to a redundancy payment? Get expert advice for all your queries on redundancy and retirement.
Redundancy and Investment
What to do with redundancy money? How to avoid tax on redundancy payments? Firstly, you need to secure your redundancy pay until you find another job.
Interest On Your Savings
You need to work out how your expenses are spent and how long can you make the funds utilize till you get a new job. You can save the money through savings or a current account that pays interest to your savings. But still, an extra budget has to be kept for paying health insurance and other personal pledges.
Check out the best independent financial planners on redundancy and investment savings that help secure your finances and utilize them properly.
Check out with pension options
Investing in a pension scheme will not only help in tax relief but also secures your future. It will help your redundancy payment is contributing to the pension schemes. There are different pension schemes, and you need to build up a pension pot that assists in securing your future.
With several pension schemes available, it’s always better to get valuable suggestions from independent financial advisers specialized in redundancy and investment advice.
There are different ways to invest redundancy money. Either you need to save it or invest will be deiced based on the tenure of your financial approach with minimal risks.
Financial specialists at Future Planning plays a crucial responsibility in situations that understand your financial concerns and instantly provide quick solutions in redundancy and retirement, redundancy and investment to meet your future goals.
