PPI Policies Could Help LLoyds & HBOS Staff
With unemployment at optimum rapidity, the pending merger between HBOS and Lloyds TSB could see as many as 40,000 members of staff being made redundant.
It is important for those that are facing unemployment, to be aware of their rights.
It has been predicted that by next year, unemployment will eclipse the two million mark, and it is hard to see what so many people are going to do, when faced with job loss. Redundancy payments are based on how long people have been with an organisation, so for many this will not suffice.
Redundancy payments are only subject to a minimum, when a member of staff has been with a firm for two years or more.
It is worked out as a week of salary for every year worked, for people aged 23-40, and ten days salary for every week worked, for anyone over 40. Youngsters get a raw deal, receiving half a weeks wages for every year, if below the age of 22.
One plus is that companies tend to pay more than the statutory minimum.
It is no plus though, that companies such as Lehman brothers will be leaving redundancy packages to go on the creditors pile, due to the fact that they have gone bankrupt. This means that employees will just have to keep their fingers crossed that there is money left over, once everything else has been paid off.
The best advice for anyone that feels a lack of job security, is to take out a payment protection insurance policy, so that they will at least be given some security until another job becomes available.
A lot of people though, who work for companies such as HBOS and Lloyds TSB, are struggling with the procurement of such policies, as insurance companies are only too aware of the chances of having to pay out.
Should you be able to acquire a policy though, then it is likely to pay out for anything up to 24 months. It is better to obtain PPI from a stand alone insurer, as they are far cheaper than policies obtained from the high street institutions.
Be aware that the better policies will pay out from the day that you became unemployed. Even if this is via back payment, it is still the best option.