Handling Redundancy.

Handling Redundancy

Being made redundant / losing your job can have legal as well as financial repercussions, so it is useful to know exactly what you are entitled to and what your rights are. If you are unsure whether you have been fairly dismissed, seek advice from your Union or the Citizens Advice Bureau.

What to do with your redundancy money: The good news is that the first £30K of redundancy pay is tax-free (2005). The rest may be taxed, although you might be able to reduce the bill by putting some of it into your pension. You might also want to consult an Independent Financial Adviser. You can get a list of local advisors from I.F.A. Promotions - call 0800 085 3250.

Before leaving your employer make sure you have your P45, written details of your redundancy package and a good reference.
The Department of Trade & Industry has a redundancy payments office - call 0500 848 489. The T.U.C. Know Your Rights helpline is on 0870 600 4882.

There are also private careers advice companies - though these can be expensive but is worthy of research. Career advise companies help people deal with redundancy by viewing it as an opportunity for positive change, cope with the finances, manage change, think positive, manage their time, organize their job search, start a network, sell themselves , develop a philosophical attitude, set and achieve their goals.