In today's economic environment, the prospect of redundancy can become an unexpected reality or an unsettling concern for many. Nevertheless, each of your employees has a lifestyle to maintain, some with dependants, and many with financial commitments such as mortgages, personal loans and other obligations that require them to generate an income.
Decisions to consider when facing redundancy
Regardless of their current situation and future intentions, your employees will need to make some important decisions about their finances. These include:
- any redundancy or employee termination payments that they may be entitled to
- their expenses
- how they can structure their affairs tax-effectively.
The choices they make now could have a significant impact on their financial position in the future which is why it's important to get the right advice.
How we can help you
We can help employees facing the prospect of retrenchment, redundancy, or any other form of employment cessation. We can provide information that may be helpful in structuring their financial affairs effectively, coping with emotional upheaval and putting in place successful strategies for a new beginning.
We can also help them:
- assess their current financial position
- understand any financial payments they may be entitled to receive
- plan for future living expenses
- consider the impact of superannuation and insurance choices.
To learn more about redundancy, take a look at our range of helpful guides and tools.
If you have employees that may be facing some form of employment cessation we can help guide them through the financial complexities. Contact us today and let's discuss how we can help you.