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Redundancy is not a new thing, but after the outbreak of COVID19, many businesses went through severe losses, and they had to let their employees go. Employers lay off their employees when they have to downsize the workforce. Redundancy is not the same as getting sacked, and therefore you have some rights. When you are laid off, you find yourself in a tight spot.

Even though you have some rights, you struggle to manage to make ends meet until you land a new job. Many companies have shut down and those that are running during COVID19 crisis, it is not so easy to find a new job. Thanks to savings, people have successfully managed to keep their head above water. 

However, during the lockdown, many people made searched for doorstep loans near me to meet their unforeseen expenses. Funding sources can help you tide over, but you still need to make arrangements to cover all of your expenses. The most common reasons for making employees redundant is the company is downsizing, but there are several people who are unfortunately laid off on unfair grounds that include but not limited to your age or gender, you are expecting, or you have asked for a holiday or maternity leave. 

When it comes to choosing employees to lay off, the selection is made based on the term of the service. You are highly likely to be laid off if you have served your services for a short period. However, there is no hard and fast rule that your employer will choose you to lay off if your service term has been shorter. 

What redundancy pay you are entitled to?

If you have worked with your employer for two years, you will be entitled to get half a week’s pay for the full year if you are under 22 and full week pay for a full year if you are over 22 and under 41 and one and half week’s pay for the full year if you are 41 or older. 

Your weekly pay will be the average of 12 weeks before the day you get the redundancy notice. However, some employers can be more generous than the statutory minimum. If you owe some holidays when you get the redundancy notice, you will be paid for those holidays too. 

You can calculate your redundancy pay using an online calculator and do not forget to consider exceptions. Note that if you have been furloughed due to COVID19 crisis, your redundant pay will be based on the amount you have normally been earning. 

Redundancy pay can help you make ends meet easily provided you spend smartly. In case you come up with an emergency and fall short of cash, you can take a turn to direct lenders for funding sources like loans for bad credit with no guarantor

Will your employer lay you off on the spot?

Your employer cannot make your redundant on the spot. It will never be like your employer calls you in their cabin and asks you not to come from the next day or drops you an email to inform you that you do not need to continue your services. You will be upon beforehand. However, the length of notice you will be given depends on how long you have been rendering services to the company. 

  • You will get at least one week’s notice if you have been working in the company between one month and two years.
  • You will get one week’s notice for each year if you have been working in the company between two and 12 years.
  • You will get 12 weeks’ notice if you have been working in the company for 12 years. 

During COVID19 crisis, it is natural for companies to furlough or lay off their employees. It is crucial that you know your redundancy rights. Since you do not know how long it will take to land a job, you will have to be very careful with your spending. Try to make a budget to ensure that you do not overspend. Do extensive research in finding a job and in the meantime, try to learn new skills.