Information » Employment & Training » Unemployment » Redundancy
- Redundancy means that you are asked to leave work because the job you do is no longer needed or the money is no longer available to pay you.
- This could be for a variety of reasons:
- Maybe the company you work for has gone bust or business is slow and there are too many staff.
- Maybe the company is moving to another area or new technology will do your work.
- You have a right to redundancy pay from your employer if you have worked with the company for a continuous period of over two years since the age of 18.
- Minimum redundancy pay is calculated on the basis of how many years you have worked and your age.
- But in many companies and for people working in local government or public organisations, the union may have negotiated a better agreement with the employer. This will mean a higher rate of redundancy pay.
- If you are working on a short-term contract, you are not entitled to redundancy pay if your contract expires and is not renewed.
- Redundancy pay does not really favour young people because it is based on age and length of work.
- Being made redundant can be very stressful, but it can also offer new opportunities.
- Careers Wales has lots of help and advice if you are facing redundancy including details of funding that may be able to assist you - follow the link below.
