The ongoing economic challenges due to COVID-19 indicate that for some there will be tough times ahead. Once the government’s Job Retention Scheme comes to an end, furloughed employees may need to be made redundant as a cost-cutting measure to allow continuity of trade.

It is not widely known that the Redundancy Payments Office (RPO) may be able to help with making redundancy payments on behalf of an employer. The primary objective of this financial assistance scheme is to save jobs based in the UK by helping businesses fund the costs of redundancy. High redundancy expenses can potentially add further financial risk to a business and ultimately jeopardise the retained jobs. 

Find out more about how Redundancy Payment Loans work and the full criteria for applications.

Recent Example – Midlands based Charity

The loan was approved and the individuals received payment within 3 weeks

Income: £280k                                              Cost of redundancy: £38k
Reason: Restricted financing ability         Loan schedule: 36 months
Jobs saved: 5

For more information get in touch with the Corporate Strategies team on hello@corporatestrategiesplc.com or 0800 002 9969.

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