Recent months have seen a significant rise in redundancies across Ireland, affecting various sectors. Whether you’re directly impacted or concerned about job security, understanding your rights and planning ahead is crucial.
📊 Recent Redundancy Announcements
Several companies have announced job cuts:
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Carelon Global Solutions (Limerick): Approximately 300 jobs will be lost as the company ceases operations by the end of 2025
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New Look: All 26 Irish stores are closing, resulting in 347 job losses.
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TikTok (Dublin): Up to 300 roles are at risk due to global restructuring efforts
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RTÉ: The broadcaster is offering voluntary redundancy to up to 400 staff, with payouts capped at €300,000
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Goal (Aid Agency): Facing funding cuts, Goal plans to lay off 30% of its staff, affecting 28 positions in Ireland.
🛡️ Understanding Your Rights
If you’re facing redundancy, it’s essential to know your entitlements:
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Statutory Redundancy: Two weeks’ pay per year of service plus one additional week’s pay, subject to a weekly pay cap.
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Notice Period: Employers must provide a notice period or payment in lieu, depending on your length of service.
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Collective Redundancy: If a large number of employees are being made redundant, employers have additional obligations, including consultation periods and notification to the Minister for Enterprise, Trade and Employment.
📈 Financial Planning Post-Redundancy
Managing your finances after redundancy is crucial:
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Budgeting: Assess your current expenses and adjust your budget to reflect your new financial situation.
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Emergency Fund: If possible, set aside funds to cover essential expenses during your job search.
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Debt Management: Prioritize high-interest debts and communicate with creditors about your situation.
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Pension Considerations: Explore options for preserving or transferring your pension benefits.
🤝 How QFinancial.ie Can Assist
At QFinancial.ie, we offer personalized financial advice to help you navigate redundancy:
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Redundancy Package Analysis: Understand the components of your redundancy package and how to maximize its benefits.
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Financial Planning: Develop a comprehensive plan to manage your finances during this transition.
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Pension Guidance: Receive advice on preserving and optimizing your pension benefits.
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Job Search Support: Access resources and strategies to assist in your job search.