We estimate your redundancy payment to be:
We estimate your holiday pay could be:
We estimate your arrears of wages could be:
We estimate your notice pay to be:
After becoming redundant, there are lots of things to consider about leaving your current job, looking for employment, and managing your money. On this page, RPS Assist will help you to make a plan.
After becoming redundant, it will be important for you to manage and prioritise your expenses. This can include debts (see above) and other day-to-day living expenses.
Some questions to ask yourself are:
Day-to-day expenses might include transport costs, groceries, household bills like your TV and phone package, and any recreational activities.
Make a list of what your expenses are and how much they cost each month.
Are there any that are non-essential and that you can put on hold? Maybe you could pause your savings plan for a holiday or a new car. Maybe you have a treat like a monthly subscription that you can do without for a while. Think about where you spend money that doesn’t need to be spent.
Are there any you can reduce? Perhaps you have a TV package with lots of channels you don’t watch very often, or a call plan that has lots more minutes than you normally use. Maybe you eat out once a week, and could reduce that to once a fortnight or go to a less expensive restaurant. There may be areas of your spending where you can cut back or decrease your regular payments until you can afford them again.
Forecasting your finances involves looking at how much money you have, how much money you expect to come in, and how much you expect to spend.
By reviewing your budget you will be able to prioritise your spending and work out where you can make savings.
If you have money saved that you can use to pay your expenses, start thinking about how long you will need it to last and how much you can afford to spend each month.
If you have already received or expect to receive your statutory redundancy pay, make a note of how much this is worth, and how long you can make it last. If you have not yet received your redundancy payment, click here to obtain an estimate of what you may be entitled to.
If you can reduce outgoing payments, this can help you to make ends meet while you are out of work. You may also be able to arrange to receive any benefits that you are eligible for during this time.
You can use the GOV UK Benefits Calculator for information about income-related tax benefits.
There are lots of organisations and websites that can provide you with support...
We've collected some of the best advice services together for you in our useful financial support guide.
With so much to consider during this difficult time, making a plan can really help...
Our useful guide will help you to understand your financial position, plan your next move and make progress.
There are lots of opportunities and options to consider after redundancy...
You may want to search for a job in your current field, or retrain in a new set of skills to start a different career.