Work and redundancy
If you’ve worked for your employer for at least two years, you’re usually entitled to statutory redundancy pay. You get:
- half a week’s pay for each full year you were under 22
- 1 week’s pay for each full year you were aged 22 to 40
- 1 and half week’s pay for each full year you were 41 or older.
There are limits on the amount you get. The redundancy pay calculator at Gov.uk can help you work out much you’re entitled to.
You won’t get redundancy pay if your employer offers to keep you on in a suitable alternative job or you’re sacked for misconduct.
You can usually claim Jobseeker’s Allowance and you may be entitled to help with the cost of your housing and Council Tax. To find out more about state benefits visit Gov.uk.
If you’re worried, draw up a budget to see how your spending might change if you lost your job. If you don’t think you’d be able to manage on any redundancy pay, benefits or savings you have, you could consider taking out insurance. This can cover particular expenses, such as your mortgage, if you lose your job.