If you’re looking for Cardinal Health redundancy advice in Ireland, this guide will help you understand your rights, maximise your redundancy package, and protect your pension.

The recent announcement of Cardinal Health’s closure in Tullamore, Co Offaly, affecting 315 employees, highlights the importance of being prepared for potential redundancy situations.

If you find yourself facing redundancy, it is crucial to understand the value of your package and how to evaluate the best outcome for your financial future.

redundancy advice ireland

Cardinal Health Redundancy Advice in Ireland – Maximising Your Package

This guide will help you understand your rights, maximise your redundancy package, and protect your pension. Facing redundancy can be stressful, but knowing your options ensures you get the best possible outcome.

Understanding Your Take-Home Redundancy Package

When assessing your redundancy package at Cardinal Health, it’s essential to consider the following:

  • Statutory Redundancy: In Ireland, statutory redundancy is calculated as two weeks’ pay for every year of service, plus one additional week, subject to a maximum weekly wage of €600. This payment is tax-free.

  • Ex-Gratia Payments: Any additional payments above the statutory minimum may be taxable. However, tax-free exemptions like Basic Exemption, Increased Exemption, and Standard Capital Superannuation Benefit (SCSB) can apply.

  • Pension Implications: Consider how your redundancy payment might affect your pension entitlements. There is a lifetime tax-free limit of €200,000 for redundancy payments and another €200,000 for pension lump sums.

Evaluating the Best Outcome

To make the most of your redundancy situation, follow these steps:

  • Calculate Your Entitlements: Talk to the Q Financial team for precise calculations. Use our Redundancy Calculator Ireland.

  • Seek Professional Advice: Consult a financial advisor to understand tax implications and structure your package efficiently.

  • Consider Your Long-Term Financial Goals: Weigh the benefits of a larger lump sum now against preserving pension entitlements.

  • Negotiate Wisely: Enhance your package where possible — e.g., extended health insurance or outplacement services.

  • Plan for the Future: Reassess career goals and explore upskilling or retraining options.

Remember, with the right guidance, redundancy can also be an opportunity for career growth and smarter financial planning