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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.

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 regulated financial advice where appropriate.

For more information on how we can help you support your employees facing redundancy, please contact us.

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Employees may not realise how affordable retirement could be for them.

Employees may not realise how affordable retirement could be for them.

14th October 2020

Many employees are concerned about whether they can actually afford to retire without really realising that they may not need as much as they think.

Enabling employees to retire healthy and happy at the University of Lincoln.

Enabling employees to retire healthy and happy at the University of Lincoln.

12th October 2020

Kath Sinclair, Corporate Relationship Manager from, WEALTH at work, joined Ian Hodson of the University of Lincoln at REBA’s Employee Wellbeing Congress to look at how the university enables its employees to retire healthy and happy.

Are your employees facing a reduced household income?

Are your employees facing a reduced household income?

6th October 2020

WEALTH at work has outlined some ideas covered in their financial education online seminars on how employees can manage their finances should they be facing a reduced income through redundancy or a change in their salary or because their overall household income has fallen due to a partner suffering lost income.