In the workplace, redundancy refers to the termination of an employee’s contract due to a reduction in the workforce. It can be a difficult experience for both the employee and employer and is often done for economic reasons. Employers have a legal obligation to follow proper procedures when making redundancies.
When being made redundant by your emplyer in Switzerland, our job as Financial Planners is simply to:
- Review your budget and expenses to determine where you can cut back.
- Apply for any government benefits or unemployment benefits that you may be eligible for.
- Evaluate your current debts and explore options for repayment, such as consolidation or negotiating new payment plans.
- Consider your retirement savings and adjust your investment strategy accordingly.
- Update your resume and begin searching for new employment opportunities while being mindful of your financial situation.
Will I receive any compensation when being made redundant in Switzerland?
Yes, Swiss law requires employers to provide employees with a minimum notice period and severance pay when terminating their employment. The amount of compensation varies depending on the length of service and other factors.
Can I withdraw money from my pension fund if I am made redundant in Switzerland?
Yes, it is possible to withdraw money from your pension fund in Switzerland if you are made redundant, but this should be considered a last resort as it can have a significant impact on your retirement savings.
What financial assistance is available to me if I am made redundant in Switzerland?
Depending on your circumstances, you may be eligible for unemployment benefits, job placement services, and financial counseling. It is advisable to speak with a financial advisor or the relevant government agency to explore your options.
