Surviving redundancy
Practical guidance and support if you're made redundant
Regardless of whether you were expecting it or not, being made redundant will
have an immediate impact on your income. Depending on how long you've worked for
the company, you'll be entitled to some kind of redundancy payment, but it may
not be enough to support you if it takes time to find a new job. But knowing what
help is available if you're in this situation, or how to protect yourself
financially just in case, will help ease the burden.
Budget and try to make cut backs as soon as you can
The sooner you start adjusting your spending and making savings where you can,
the easier the coming months will be. Work out how much money you need to pay your
bills, buy food, and pay for travel to job interviews. See if you can reduce any of
your outgoings, for example, you may be able to take a payment break from some
financial commitments. Use our Budget tool to help.
Check if you have any insurance policies that may provide an income
Remember to talk to your mortgage company if you have mortgage protection insurance,
as this may continue to pay some or all of your monthly mortgage payments.
Likewise, if you have income protection insurance, this may help to top up your
redundancy pay, as can any benefits you're entitled to claim.
Start claiming any benefits you may be entitled to
You'll need to sign on at your local Job Centre Plus to start claiming Jobseekers
Allowance. The amount you are entitled to will depend on a number of factors, they
will be able to advise you on this and any other benefits you may be eligible to claim,
such as help paying your council tax.
Think about your savings
If you have savings, this is exactly the type of rainy day you've been stashing them
away for. Check if you have any minimum notice periods on your account if you wish to
withdraw.