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Dealing with redundancy

Over the past few months, we have started to see the first major signs that the global financial crisis will affect Australia’s employment levels. Almost on a daily basis we are hearing that unwelcome phrase, ‘more Australians have been made redundant.’

Redundancy is an unfortunate reality that more people are now being faced with as companies struggle to remain viable during this economic slow down. While it can place a great strain on individuals, their families and their finances, good planning can reduce both the emotional and financial pain that often comes with redundancy.

What is redundancy?

Redundancy is usually referred to as the situation when a job is no longer required to be performed by anyone. This is not personal – your job has been become redundant – not you.

Redundancy can occur for many different reasons:

  • An economic slowdown
  • An employer reclassifies roles, and the duties of your position are allocated to other roles
  • A departmental restructure
  • New technology or innovations that may mean your role is no longer required to be performed manually

When a person is retrenched or made redundant their employment is terminated and they receive a financial package or payout.

What should I do if made redundant?
How much will I get from my redundancy package?
The Do's and Don'ts if made redundant
What other support services are available?

Download PDFRead our 'Redundancy' fact sheet
Download PDF
'Finding a good financial planner' fact sheet

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