Redundancy

[Happy Seagull]

If your company was shut down would you lose your entitlement to any notice pay? Would the government just pay the redundancy pay?

 

[simmo]

If the company you work for goes bust, administrators should be appointed to pay off any creditors and you as an employee should be one of the first creditors they pay.

You will obviously have to fill out forms to reclaim any monies due to you this is a government produced form which you will then send to the adminstrators. It is there job to pay you any outstanding wages, redundancy pay and notice period monies due. You should get your notice period monies due as well, but will probably have to serve out that notice to get it (i.e you are not entitled to the money if you find another job during the notice period)

How long have you been working at your present company?

 

[Happy Seagull]

Cheers mate, i knew i had to serve the notice period to get it. Was just worried they might try and shaft me. Have been here 14 years and worked out i should get 13 weeks notice then 12 weeks redundancy.

So long as i know thats safe no matter what i'm fine

 

[simmo]

I think the maximum is 12weeks notice and 12weeks redundancy (x1 or 1.5 depending on your age) for every year. There is a £360 a week (redundancy) minimum that applies that the government can implement if a company goes bust too (also I forgot you can claim for unused holidays, pro ratad)

My Dad's company went bust he has already got his redundancy but is now "serving" his 12 week notice period before he can get that money....very odd. As you can probably guess I helped with the forms!

One other caveat you have to be employed by this company and not a contractor or self employed or anything like that etc.

 

[readingstockport]

Ready Reckoner for calculating the number of weeks' pay due - BERR

 

[Garage_Doors]

Cheers mate, i knew i had to serve the notice period to get it. Was just worried they might try and shaft me. Have been here 14 years and worked out i should get 13 weeks notice then 12 weeks redundancy.

So long as i know thats safe no matter what i'm fine

but those 13 weeks are at a maximum of £380 per week. was well gutted when they sprung that one on me.

are you sure your only due 14 weeks ?
for each year you are there aged betwen 22-40 its one week but after 40 it a 1 1/2 weesk per year.

 

[Garage_Doors]

I think the maximum is 12weeks notice and 12weeks redundancy (x1 or 1.5 depending on your age) for every year. There is a £360 a week (redundancy) minimum that applies that the government can implement if a company goes bust too (also I forgot you can claim for unused holidays, pro ratad)

My Dad's company went bust he has already got his redundancy but is now "serving" his 12 week notice period before he can get that money....very odd. As you can probably guess I helped with the forms!

One other caveat you have to be employed by this company and not a contractor or self employed or anything like that etc.

£360 Minimum ? these is no minimum only a maximun of £380 per week

 

[northstandnorth]

If the company you work for goes bust, administrators should be appointed to pay off any creditors and you as an employee should be one of the first creditors they pay.

You will obviously have to fill out forms to reclaim any monies due to you this is a government produced form which you will then send to the adminstrators. It is there job to pay you any outstanding wages, redundancy pay and notice period monies due. You should get your notice period monies due as well, but will probably have to serve out that notice to get it (i.e you are not entitled to the money if you find another job during the notice period)

How long have you been working at your present company?

this is absolute bollox but the good news is the truth is good news

in the instance of insolvency you as an employee are about the last in line for payment as a creditor.

however you have a claim against the government through the National Insurance Fund,for wages due,redundancy and any holiday entitlement.

Redundancy Help Employer has trouble making payments

claims against the fund are capped at a weekly level of about £350 so if you earn more than that you loose out but it is a lot more than you are likely to get out of any assets left in the company.

 

[simmo]

this is absolute bollox but the good news is the truth is good news

in the instance of insolvency you as an employee are about the last in line for payment as a creditor.

however you have a claim against the government through the National Insurance Fund,for wages due,redundancy and any holiday entitlement.

Redundancy Help Employer has trouble making payments

claims against the fund are capped at a weekly level of about £350 so if you earn more than that you loose out but it is a lot more than you are likely to get out of any assets left in the company.

You as an employee are recognised as being a Class A (primary, whatever they call it) creditor of a company that has gone bust, you will get your redundancy money before other creditors i.e banks,taxman etc.

My dad has just lost his job at a company that has gone bust, he has got all his redundancy money already within less than 4 weeks (as has his fellow ex colleagues) while other creditors have not received a penny (I have seen with my own eyes a breakdown of whom has/has not already been paid). He is now serving out his notice and will get paid that money when that is completed.

Whom pays you at the end of the day is a moot point. The forms we had to fill out were from the government, but we sent them to the administrators, all I know is that very soon he got paid, by someone directly into his bank account.