calculator says I'm entitled to nothing?! Very confused please HELP.

supersaver2

Nothing to add OP but the system should offer more help to people in your position for the short term. You pay in and should be helped out when you need it, whole system is crazy. Anyway good luck.

bspm

JustKeepSwimming wrote: »

Have you popped over to the Old Style board yet? There is a wealth of information over there about frugal living which may help cut costs (if you don't do all of that already...). I've saved loads on my grocery bills from their tips.

Always something new to learn over there

Where is the old board??

p00hsticks

bspm wrote: »

Where is the old board??

http://forums.moneysavingexpert.com/forumdisplay.php?f=33

missymoo81

Hi,

As you have all been so wonderfully kind as to offer so much advice, I was wondering if you would be so kind as to offer some more? I've looked at the redundancy calculator and I thought I could figure out what OH could get, but it's all quite confusing, as they give you a lowest statutory amount, then a higher one, based on information given. who decides what he gets, or is the higher figure based on time served, and what does it mean when it says companies can give up to £30k??? I'm so sorry again for my naivety, and I really appreciate your help.

Missy

missymoo81

blondebubbles wrote: »

It's up to the employer what redundancy the give. However they must give at least the statutory amount. This is calculated based on age, service, salary.

You said your partner is in his thirties so that's 1 weeks pay for every full year of service as long as he's worked there for over 2 years. It's capped at 20 years service.

It's capped at £475 per week also (your partner earns £985 per week based on £51,235).

So if he's worked 3 years he's get £1425. 5 years £2375. 10years £4750.

Redundancy pay under £30,000 is tax free. If the redundancy pay is over £30,000 then you need to pay tax on it.

You are angel, thank you so so much, vey easy to understand when put that way, thank you. From that, as he's worked there 16 years he gets about £7500, hmmm not enough to cover the mortgage for a year like I'd hoped. Best put my thinking cap on again.

Thanks so much again blondebubbles x

bloolagoon

missymoo81 wrote: »

You are angel, thank you so so much, vey easy to understand when put that way, thank you. From that, as he's worked there 16 years he gets about £7500, hmmm not enough to cover the mortgage for a year like I'd hoped. Best put my thinking cap on again.

Thanks so much again blondebubbles x

He will hopefully find work faster then hey look on the bright side you have a bit of a nest egg to do something nice. Keep thinking positive and keep smiling.

p00hsticks

missymoo81 wrote: »

You are angel, thank you so so much, vey easy to understand when put that way, thank you. From that, as he's worked there 16 years he gets about £7500, hmmm not enough to cover the mortgage for a year like I'd hoped. Best put my thinking cap on again.

Thanks so much again blondebubbles x

As blondebubbles has said, s/he has given the statutory minimum figures that the company legally has to pay in the absence there being better terms in their employment contracts.

If you haven't already, I suggest you get your OH to check what his employment contract says, as he might be entitled to more generous terms.

For example, if his contract says that they will pay a weeks full salary for each years service rather than capping it at the statutory £475, that would more than double his payment.

And if they say they'll pay two weeks per years service rather than one, that would double it again - some generous old contracts with large companies offer a months salary or more (not that many of those around thes days though, I don't think !).

So your figure is a worst case scenario - use it for the moment in your calculations but you might end up being pleasantly surprised.

missymoo81

bloolagoon wrote: »

He will hopefully find work faster then hey look on the bright side you have a bit of a nest egg to do something nice. Keep thinking positive and keep smiling.

Gosh that would be nice bloolagoon! I'm always smiling, although not sure if it's hysteria setting in!

Hey poohsticks, thank you! I will ask, so difficult when he's away, he has been with the company a while so Im hoping it will go in his favour.

Thanks so much Again everyone, it really is heart warming, the kindness of people on here.

enthusiasticsaver

I can't help with the benefits calculation I am afraid as I don't know much about that but I would say that considering you have had notice of redundancy being imminent I would not choose to prioritise your credit card but if you have a mortgage that is the first thing you should think about, or rent if you are renting. The last thing you should do is use the redundancy money or the money earned between now and October to repay this if you are going to end up defaulting on your essential costs. Move the £2500 to a 0% deal if you are able to and pay minimum payment until your OH has another job.

missymoo81

Thanks very much for the advice enthusiastic saver. That's very sensible. It is 0% so will look At that.