Money Box Money Box Live: Losing Your Job
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Aug 5, 2025 Unemployment is at its highest level in four years, leading to pressing discussions about job loss. Experts share insights on legal rights and financial management during job hunts. Personal stories reveal the emotional toll of redundancy and the challenges in the job market, particularly for older candidates. The impact of AI on recruitment and issues of motor insurance following job changes are also covered. Listeners are guided to support resources, ensuring they’re informed and prepared for their next steps.
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Joe's Harrowing Redundancy Experience
- Joe was made redundant after 10 months without receiving redundancy pay.
- He faced financial pressure and significant impact on mental health, including suicidal thoughts and self-harm.
Employer's Redundancy Consultation Duties
- Employers must inform employees at risk of redundancy and consult them meaningfully.
- They should explain the reasons and discuss options to avoid redundancy if possible.
Redundancy Pay Eligibility Rules
- Statutory redundancy pay requires minimum two years of employment.
- Employees should check contracts for possible extra payout provisions beyond statutory rights.