Many of us have been there, but how many of us actually fear redundancy on a daily basis? Recent studies show that around 1 in 5 of all UK employees worry they could lose their job through redundancy within the next 12 months – making UK workers some of the least confident in the world, despite low unemployment figures.
There are many reasons behind redundancy, ranging from: company takeovers, a decrease in company profits, competition, company downsizing, or just poor management and it is all too easy to take redundancy personally.
Am I entitled to redundancy pay?
Yes, as long as you have been employed within the company for at least 2 years and are 18 to 65 years old, (although other companies may offer better schemes). The amount of payment you’ll receive is dependant upon the number of years you’ve worked continuously at the company, your age and your weekly pay:
If you’re aged between 18 and 21, you’ll be entitled to half a week’s pay for each complete year of continuous service.
If you’re aged between 22 and 40, you’ll be entitled to one week’s pay for each complete year of continuous service.
If you’re aged between 41 and 65, you’ll be entitled to one and a half a week’s pay for each complete year of continuous service.
After redundancy, many people find they lack any motivation to get back into employment and lack self-esteem. The best way to avoid this is to keep yourself busy. Whilst looking for a new job, why not participate in some voluntary work or even take a course and brush up on some transferable skills – don’t wait for a job to find you. By demonstrating some initative, you’ll be better prepared emotionally when that opportunity arises.