Being made redundant or fearing you may be in the near future can be an extremely stress-inducing time.
With the loss or impending loss of your job, you may suddenly be faced with fears about how your redundancy will impact your financial world, anxiety about the process of finding a new job or perhaps even confusion about whether or not to continue working.
According to HR Advance, redundancy is defined as the termination of employment and is a form of dismissal by an employer. It has implications that the termination of the employee’s employment is involuntary on the employee’s behalf. However, rather than being a fault-based dismissal like being let go, redundancy is usually caused by external factors such as economic conditions, business efficiency or technological development.
In other words, there may be a number of reasons why you may be currently facing redundancy – many of which are completely out of your control.
Even so, we at My Wealth Solutions understand how personal and hurtful being made redundant can feel. And as you begin to think more about the impact your redundancy will have on your financial wellbeing, it can be easy to feel overwhelmed.
That’s why we just wanted to remind you: take a deep breath, then another, and then keep reading.
You don’t have to tackle this challenge alone.
We’re here to help you take back control of your financial world and get back on track.
In fact, that’s why we decided to create this guide on what to do if you’ve recently been made redundant or expect a redundancy in the near future. This guide, filled with advice from our team of award-winning financial advisors, covers the following topics:
- What happens when you’re made redundant
- How your redundancy payment is calculated
- The tax implications of redundancy
- An 8 step action plan for tackling redundancy
Facing a redundancy doesn’t have to mean saying goodbye to your plans for achieving financial success and security. This guide is the perfect place to start getting back on track to achieving the financial future you deserve.
Or, if you’d like advice surrounding redundancy and ongoing financial support tailored to your particular financial circumstances, our team of expert financial advisors is here to help.