Redundancy can be very stressful. Let us take care of the financial side of it for you.
Upon being made redundant, there are a number of important issues to consider. In the short term, these include budgeting , determining the length of unemployment and consulting a financial advisor. The most important thing to do is pay off any large debts, such as a mortgage or high interest credit cards.
There is a possibility of taking out your super but it’s important to be aware that restrictions do apply to taking your super out before retirement. There are three categories of accessibility :
Check the National Employment Standard and the Fair Work Act to find out your rights and entitlements for redundancy pay Exemptions to entitlement