Redundancy after 19 years!

marky.fitz

Hi All
Hope some one can help or point me in the right direction.
Just been made redundant on Friday after over 19 years with same company (new baby, new house so not great timing!).
Not too bad financally at the moment as redundancy package should see us through to new year.
Just wanted to know if we would be entitled to any goverment help financially as we've been paying taxes for decades so would hope we would be entitled to something however small?
Thanks for any help.

Emmzi

6 months contribution based jobseekers. Rest will depend on your savings and if partner works.

It doesn't go on what you pay in, it goes on need...

jazzyman01

IF you have savings, forget it. Unfortunately I found myself in a similar situation. However, as I had worked all my life, not got into debt and paid my way there was no help. I was told I would have to go into arrears on my mortgage ie use up all my little savings before I would even be considered for anything else and even then it was not guaranteed.
Meanwhile a neighbour of mine has the lot paid for - and has never worked and did not have to go through the stress and worry but still manages to holiday twice a year, have new car and no worries about where the money is coming because it is provided by the state.
Sorry - wish I could be more positive or helpful.

newleaf

You do need to sign on though, as you at least will get your NI record credited for that.
Hope things look up for you soon.

ferry

jazzyman01 wrote: »

IF you have savings, forget it. Unfortunately I found myself in a similar situation. However, as I had worked all my life, not got into debt and paid my way there was no help. I was told I would have to go into arrears on my mortgage ie use up all my little savings before I would even be considered for anything else and even then it was not guaranteed.
Meanwhile a neighbour of mine has the lot paid for - and has never worked and did not have to go through the stress and worry but still manages to holiday twice a year, have new car and no worries about where the money is coming because it is provided by the state.
Sorry - wish I could be more positive or helpful.

Yep,without getting into political matters, especially at this time of year,unfortunetly it figures

cepheus

newleaf wrote: »

You do need to sign on though, as you at least will get your NI record credited for that.
Hope things look up for you soon.

Yes, providing you keep on signing on continuously without a break for 1 year, you will then get credited with 1 years allowance. Unfortunately your redundancy/savings (above 16k I think) will count getting against any long term benefits unless you can spend it on something. You are allowed just 6 months NI based jobseekers allowance assuming you have built up enough NI payments.

You need to think about the tax implications of your redundancy if above 30k, since it counts as income for the tax year.

getmore4less

Asume the redundancy payments were correct and you got at least 12weeks notice/PILON.

marky.fitz

Thanks all for the info.

Had a similar situation last year with the same company as they closed down the London premises but offered me relocation to Birmingham office.

When I got my redundancy offer last time they got my years of service completely wrong and I was only offered £5k which was then amended to £14k. Can you beleive they've got it wrong again and have only me offered me £5k again!

Obviously I've gone straight back to them and told them to try and get it correct but it's just so infurating to get it so wrong not once but twice!!!

Have also been offered £400 in T&Cs of my redundacy package which I will use for an employment lawyer to see if I'm entitled to anymore!

dampsquib

You may get a little tax back eventually as the year progresses. As a new tax year commenced on 6th, if you pay some tax on earnings received in this tax year, you'll probably be entitled to some of this back later. Sounds like your compensation payment will be amply covered by the tax free allowance (£30,000), but any PILON paid will probably be liable to tax as if if were normal earnings. It's only treated as part of the compensation payment and not normal earnings, if you have no contractual right to such a payment, and it is also not custom and practice for your employer to make such payments in the circumstances. As the tax year progresses, you will become entitled to more of your personal tax allowance, though taxable Jobseekers Allowance will use up some of your allowances. If you don't find work before 5th April 2011, as your entitlement to personal allowance increases, you'll be due to get back some of the tax paid earlier in the tax year. If you find work, these allowances will just get used against your new income - automatically, if you provide your new employer with the P45 supplied by Jobseekers when you sign-off.

ailuro2

https://www.entitledto.co.uk

govt website that lets you put in figures and finds out what you're entitled to.

If you don't think you'll get a job quickly then think about retraining, people who are being made redundant sometimes have access to courses as part of the process of redundancy, can't remember exactly how this works, sorry.:o

getmore4less

If you want any tax back

do a P50
http://www.hmrc.gov.uk/pdfs/p50.pdf

Once you get the refund and the new P45 back then I think you can sign on for JSA, probably best to leave 4 weeks though.