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Redundancy InsuranceGet Yourself A Redundancy Insurance As it happens most of the time in an economy, the economic cycle increases the economic activity and the economy tends to grow. The demand for new goods and services increases, which increases the need for new businesses to sprout up and existing businesses to grow in size. This increases the chances of making more money and thus the businesses recruit more staff to cope with the burden. It is this time that is the hardest to bear. Certain businesses start to incur losses and then think of new ways and means that could be employed in order to bring down expenses, so as to become profitable or at least break even. One ways of cutting costs is to make employees redundant. Redundancy happens when an employee is dismissed for the fact that the business does not need his services any longer, and it must be noted that the employee has not done any wrongdoing in this regard, its simply the case of not wanting a service anymore.
Although the law protects the employees from being made redundant under the camouflage of wrongful dismissal and ensures that every employee so made redundant has the right to a compensation that is to be calculated according to the length of his service, the weekly pay that he used to receive and the age band under which he or she falls, the payment processing and its award to the employee may still take a considerable period of time. This can mean financial difficulties for the employee and his family. Since times have never been more unpredictable then they are today, it makes perfect sense for every employee to take Redundancy Insurance. A Redundancy Insurance is an insurance policy that is also known as an income protection insurance. Under this policy, you will pay the premiums of your insurance policy, just like a normal insurance policy but in case you are made redundant, the policy will pay you an amount substantially equal to or less than the amount of you salary, or will pay the mortgage and any other bills covered by it. This means that you will be safe financially and the payments that you were otherwise supposed to make will keep on to be paid.
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