Asking yourself, how do I protect myself from redundancy? Here are some things to think about
There are plenty of things you can do on the job to avoid being made redundant, for example
- Be aware of the requirements and expectations of your job
- Ensure that your value to the company is noted in everyday performance as well as reviews
- Be involved and engaged – whether this is through general friendliness and interaction or through direct involvement in company development
However, there are sometimes situations where no matter how well you’ve performed your role, the company needs to make redundancies. In the modern economy, redundancies are being made more often, and everyone should be aware of their rights and how to protect themselves from redundancy.
Know your rights when it comes to redundancy
One of the best ways to protect your self from redundancy is to know your rights when it comes to the circumstances and the specifics of when redundancy can be made.
You can only be made redundant fairly – an employer may not make you redundant based on your gender, gender expression, age, sexual orientation, performance, pregnancy, illness or mental health status. You can only be made redundant if your role is no longer needed by your employer.
Know who can help
If your employer indicates that they want to make you redundant, be sure to contact your union or a lawyer to ensure that you are being treated fairly.
Understand how to deal with your redundancy pay, should you be made redundant
When you are made redundant with redundancy pay, you need to make sure you report it correctly to Inland Revenue or you may receive an unwelcome bill at the end of the financial year.
Payments may be written in your contract or negotiated during the redundancy process. Annual leave payouts are calculated on how long you have been working there, and other more specific details can be found on the relevant government websites.
Think about redundancy insurance
In these current times, job security is low globally and being made redundant – even with a generous package – can have severe effects on your financial wellbeing. If you were suddenly no longer bringing in income, would your family have to move? Would you risk losing your house or car? Living on suddenly reduced income can have far-reaching effects, not just on bills and rent but on the mental and physical health of everyone involved. You can purchase affordable but comprehensive redundancy insurance for as little as $15 a week which can help you stave off financial disaster and allow you to find a new income without worrying about losing your home.
We can provide you with quotes from a number of reputable insurers, and we are always happy to answer your questions.
Fill out a quote form today and find out what cover is available for you in your situation, once you have received your quotes, we will be in touch to discuss the best options for you.