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Redundancy has risen recently for many age categories, as companies attempt to navigate the ongoing impact of the pandemic. However, recent research from Money Charity revealed over 50s have suffered a four percent rise in unemployment. Many older workers who are currently unemployed have been out of work for more than a year, indicating the issue is a difficult one which pre-dates the pandemic.
Before redundancy, many over 50s may have been planning towards their retirement or a new career shift, and the issue could prove a real knock to confidence.
In view of the matter, Simon Stanney, director at over 50s experts SunLife, has shared key tips with Express.co.uk to help those in this situation.
The first important step to take, is looking for help and advice tailored to a person’s individual circumstances.
Mr Stanney said: “Redundancy is hard, even if you get a good package, it can really knock your confidence, so don’t be too hard on yourself.
“If you think you may have been wrongly made redundant, or didn’t get the package you should have, go to gov.uk for all the information you need about your rights in redundancy.”
Another vital step is updating a CV, which is obviously important for those hoping to get back into a job.
While this may be a challenge in the current situation, Britons should not lose hope, and taking action is likely to help.
Updating a CV is a process which takes some time, and must not be rushed.
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Britons have been advised to keep the document concise, persuasive, professional and tailored to help them in the quest for a job.
A third matter to consider is assessing finances, as a loss of a job is likely to have a palpable impact on this.
Mr Stanney continued: “While it is best not to panic, you should also be wary of your new financial situation, so be mindful that you may not be able to spend in the same way as you could before.
“If you got a redundancy package, one thing you might consider is putting the money into a savings account that you can dip into if needed.
“If you didn’t, sign on to Universal Credit immediately as it takes at least five weeks to get the money in.”
Britons should also evaluate their monthly costs and cut these down, for example, energy bills and direct debit subscriptions.
Finally, those who have been made redundant should consider the options they now have at their disposal.
Some people may even consider looking into starting their own business, or going freelance within their previous industry.
One Briton, Jill White, 59, was made redundant unexpectedly after working in the corporate world for 30 years.
She used the time to establish her own clothing business, which focused on her passion for made-to-measure womenswear.
She said: “My original retirement plan was to travel and volunteer, as I felt as though my ‘useful life’ was over after I turned 50.
“But being made redundant encouraged me to take a risk and start something new.”
For those who are looking for further financial assistance, various services are available.
Citizens Advice and the Money Advice Service often offer free help to those who need it most.
And, as Mr Stanney mentions, an alternative option is approaching the Department for Work and Pensions (DWP) to determine potential benefit help available.
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