Redundancy can be a stressful time, and with so many financial decisions to make, it’s easy to overlook key details that could impact your future.
Facing redundancy can be incredibly stressful, especially with the multitude of financial decisions to make. In the midst of it all, it’s easy to overlook important details that could affect your financial future.
With recent announcements like BNY Mellon’s closure of their Wexford office, putting 300 jobs at risk source, and New Look exiting Ireland, resulting in over 300 job losses source, redundancy is a topic many are grappling with.
One of the most common mistakes people make is either overpaying tax or unintentionally reducing their pension benefits when completing their Leaving Service Options Form.
Many people aren’t aware that the choices they make on this form can have long-term financial consequences.
Whether it’s withdrawing a lump sum in a tax-inefficient manner or making decisions that could lower future pension payouts, these errors can be costly.
Many people aren’t aware that the choices they make on this form can have long-term financial consequences.
In essence, redundancy occurs when an employee’s role is no longer needed and is not replaced. If you are 16 or over, have at least 104 weeks of continuous service, and are in fully insurable employment, you are entitled to a statutory redundancy payment. More info on the Workplace Relations website here
If you’re impacted by redundancy, you’ll likely have some pressing questions:
- What am I entitled to?
- How much redundancy pay will I get?
- What is statutory redundancy pay?
- Will I pay tax on redundancy payments?
- How is my gross weekly pay calculated?
- How is my length of service determined?
Our redundancy expert can guide you through the process and help you avoid expensive mistakes. Reach out today for expert advice and peace of mind.
If you’ve been made redundant, or if you’re entitled to a redundancy payment, use this calculator to estimate your statutory redundancy amount.
For further details, the Citizens Information website offers valuable resources on redundancy.
