Redundancy is a difficult time for employers and employees, so it is crucial that companies take steps to help their workforce take control of their finances and help them make the most of their redundancy pay.
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Financial wellbeing
How employees manage their money and their ability to withstand a financial shock has a direct effect on their wellbeing. Providing a financial wellbeing programme including financial education and guidance on redundancy issues will help employees feel supported.
Financial education and guidance can help ensure those affected understand:
- their redundancy package and ways in which to support day-to-day finances
- ways to manage debt on a reduced income
- how to avoid common tax mistakes and how to make the most of redundancy pay
At-retirement support
For employees facing redundancy but also approaching retirement, providing financial education and guidance is essential to understanding whether retirement is a possibility. It can help them understand:
- how redundancy affects both their workplace pension and State Pension
- whether they can afford to retire
- how redundancy pay can directly boost their pension savings
This is supported by investment advice where appropriate.
For more information on how we can help you support your employees facing redundancy, please contact us.