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Your redundancy rights – what money are you entitled to if you’re made redundant?
Derin Clark

Derin Clark

Online Reporter
Published: 12/08/2020

Official employment figures released this week from the Office for National Statistics (ONS) revealed that between March and July, the number of people in employment fell by 730,000 and as the furlough scheme comes to an end in October 2020, many expect the rates of employment to fall further in the coming months.

Data released has also shown that those predominately impacted by redundancy since the Coronavirus pandemic have been young workers in their early to mid-20s and older workers aged 65 and over.

Saying this, redundancy can affect anyone at any stage of their life and, although being made redundant is an extremely challenging time for the majority of people, knowing what your financial rights are helps to make the situation a little bit easier.

This article, which is the first in a series of redundancy articles we are writing to help consumers facing redundancy, looks at what money those being made redundant are entitled to.

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Energy cap falls but switching is the best way to save

Ofgem has announced that the energy price cap, the maximum amount an energy provider can charge those on a default tariff, will reduce by £84 from October. The cap will now be £1,042, its lowest ever level, and will benefit 15 million households. Prepayment customers can expect a bigger reduction of £95. The energy regulator is also recommending that this cap remains in place in 2021.
The cap aims to ensure that households pay a fair price for their energy and applies between October 2020 to March 2021. However, those wanting to find the best rates for their energy bills should look to move to an energy deal rather than staying a supplier’s standard variable tariff (SVT) rate. And, while the energy cap places a maximum on the charges an energy company can bill customers on a SVT, customers can see their unit rates for electricity and gas still change, whereas a fixed energy deal maintains the same unit cost for electricity or gas during the contracted period.
There are 11 million households on a SVT rate and four million on a prepayment meter and these could all potentially benefit by switching to a new energy deal.


Jonathan Brearley, chief executive of Ofgem, said: “Millions of households, many of whom face financial hardship due to the COVID-19 crisis, will see big savings on their energy bills this winter when the level of the cap is reduced.
“They can also reduce their energy bills further by shopping around for a better deal. Ofgem will continue to protect consumers in the difficult months ahead as we work with industry and Government to build a greener, fairer energy market.”
The energy cap has reduced because wholesale gas prices have dropped, and the Coronavirus pandemic has lowered the demand for energy. The cap is reviewed twice a year and sets a maximum charge for the next six months. The current legislation that introduced the energy price cap can be stopped between 2020 and 2023 if the energy market is deemed to have effective competition. Ofgem is required to give an independent assessment of the market and competitiveness every year. This includes analysis of customer engagement, switching levels, pricing differentials and quality of service by energy suppliers. Any decision to remove or retain the cap is made by the BEIS Secretary of State. For 2021, the energy regulator is in favour of retaining the energy cap, suggesting that as yet, it believes the energy market has more to do before it is working effectively for all customers.

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Moneyfacts Weekly Product News – 06.08.2020

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week. The deals are available right now, but may be subject to change. Find the best product for you.

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Moneyfacts Weekly Product News – 30.07.2020

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week. The deals are available right now, but may be subject to change. Find the best product for you.

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Moneyfacts Weekly Product News – 23.07.2020

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week. The deals are available right now, but may be subject to change. Find the best product for you.

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Moneyfacts Weekly Product News – 16.07.2020

16th July 2020

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week. The deals are available right now, but may be subject to change. Find the best product for you.

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week. The deals are available right now, but may be subject to change. Find the best product for you.

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Payment holidays for pet insurance – can you ‘paws’ your payments?

16th July 2020

The financial impact of the Coronavirus pandemic is already being felt by many people, including pet owners. Those on furlough or who’ve been made redundant may be looking to cut down on unnecessary expenses – including, the cost of pet insurance. However, some pet insurers are now offering payment holidays for those struggling during lockdown.

The financial impact of the Coronavirus pandemic is already being felt by many people, including pet owners.

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Finance scams on the rise since Coronavirus pandemic

16th July 2020

Since the Coronavius pandemic impacted the UK economy the number of scams has increased and fraudsters have become more sophisticated with how they target consumers

Since the Coronavius pandemic impacted the UK economy the number of scams has increased and fraudsters have become more sophisticated with how they target consumers

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Get £10 by signing up to Curve banking app

10th July 2020

Consumers looking for a small boost to their finances can earn £10 simply by signing up to a Curve account

Consumers looking for a small boost to their finances can earn £10 simply by signing up to a Curve account

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