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18/08/2008
Redundancies rising |
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As the economy takes a turn for the worse and unemployment increases, Citizens Advice has told the Independent that they expect to see an increase in calls from those seeking help.
Unemployment currently stands at 1.67 million and 60,000 more people lost their jobs between April and the end of June and whilst some are entitled to severance pay, not everyone is so lucky.
Julian Knight of the Independent explained that those who have been working at a firm for two years will be entitled to an amount of money for each year they worked at the firm, but the figure is capped at a mere £330 per year of service.
Simon Champion, chief executive of advice website Redundancyhelp.co.uk, said: "Statutory severance pay is paltry, and if you have been used to anything above the minimum wage, it will be quite a shock."
Frances Walker from the Consumer Credit Counselling Service, has advised those who have been made redundant to prioritise their debts and make sure they are able to pay their mortgage and council tax first.
As the number of repossessions increases Ms Walker has called for the government to give unemployed homeowners help with their mortgage payments earlier. |
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