It is common knowledge that the government is considering a wide range of what is commonly referred to by some groups as “relaxation” of staff consultation requirements for redundancies.
Currently, in any organisation, if there are more than 100 people are being made redundant; the employer should give a notice period or consultation period of at least 90 days. Several business groups want this to be reduced to just 30 days. The businesses also do not want any such legislation if the number of people that are being made redundant is less than 50. In yet another move which might impact people working in smaller organisations, the view of the government on “no-fault redundancies” can impact adversely. Under the proposed changes, small companies can dismiss for a fixed compensation and the employees will have no recourse to “unfair dismissal claims”.
While all these policy changes will become clearer over the next few weeks, with the economy plateauing there has been never a greater need for unemployment insurance.
Unemployment insurance or redundancy insurance is also commonly referred to as income protection insurance or payment protection insurance. If the policy is bought on the basis of a payment that is made every month such as mortgage, loan or rent or other out-goings, the policies are called as payment protection. And on the other hand, if the policy is bought purely on the basis of income, without listing any outgoings, they are called as pure income protection policies.
Stuart Boseley, Director of Best Insurance commented on the proposed employment law changes and said that it is inevitable that sooner or later, the employers will find it easier to fire people. As soon as the law changes, businesses that are struggling will no doubt en-cash the change and try and cut costs even more. Kesh Thukaram Director of Best Insurance suggested that people working in large organisations cannot be complacent; they are as vulnerable to unemployment risk and redundancies as much as the people in the smaller organisations are. Unemployment protection insurance is increasingly becoming a must-have rather than a nice-to-have.
Best Insurance has a wide range of unemployment protection insurance products. The ones that are offered on the basis of a mortgage, loan or rent are called as payment protection insurance or payment protection plus insurance and the ones that are offered purely on the basis of the income is called as income protection insurance.
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