Facing redundancy? What’s next?
Redundancy can be an unsettling experience. It can also be tricky to concentrate on the financial details when nerves or anxiety consumes you.
Making the right decisions early on will make a big difference. Not only will it help you make the most of your payout package it will help you to manage your money so you can enjoy your future the way you want, instead of on a strict budget.
Redundancy isn’t always a choice, but having a good financial plan is
Redundancy has affected an increasing amount of Australians including many public sector employees.
Around 381,000 Australians were made redundant in 20131
A large percentage of recent Australian redundancies are happening in NSW. One contributing factor is the Government Sector Employment Act 20132 (GSE Act). Another factor for both Commonwealth and NSW is the government’s endeavours to reduce spending. The supporting regulation and rules provide a framework for managing:
- Agency restructuring
- Voluntary redundancies
- Managing excess employees
If you’re facing redundancy, or if you think it’s a possibility in your future, it doesn’t hurt to investigate your options.
Establishing a financial plan before your redundancy payout comes through will help you to make the most of every dollar – whether you continue to work, or retire early.
At StatePlus, we know the decisions you make about your money are important. So we give you time to make sure you understand everything. There’s no rush. There’s no pressure.
What are you entitled to?
If redundancy is around the corner, you may be entitled to some or all of the following payments:
- Redundancy payment
- Salary, wages and allowances owing
- Unused annual leave and leave loading
- Unused long service leave
- Superannuation (If you’re a member of a defined benefit scheme you may have a pension option)
StatePlus can help you understand and manage the payout package you’re entitled to. If you accept it, you’ll want to be clear on how you’re going to spend or invest your money.
Your StatePlus planner has expertise in public sector super schemes and retirement, and will help guide you through your journey into retirement and give you peace of mind that you’ll have enough money to meet your needs.
1Australian Bureau of Statistics, 2014, Australian Labour Market Statistics