After losing your job, the stress and worry about how you’re going to pay your bills can be overwhelming. To help you out, we’ve created a quick guide to your financial options. 

Enhanced redundancy pay 

If you have been with your employer for more than two years, they may offer you more than statutory redundancy pay. This will often be outlined in your contract and will be relative to your salary. This counts as savings rather than income so you will still be eligible for employment benefits depending on the amount you are given. 

Statutory redundancy pay 

If you've been in your job for more than two years this is the minimum your employer can pay you. The amount you receive will depend on your age and how long you've been in the role. If you haven't got two years' service, you won't be entitled to any redundancy pay but you can still claim benefits. 

Universal Credit 

If you're not entitled to redundancy pay and have less than £16,000 in savings, you can apply for Universal Credit. The standard payment is £409.89 per month and it usually takes about 5 weeks to get your first payment. You can ask for an "advance payout" if you're really struggling which is an interest-free loan that hits your account in about a day. 

Jobseeker's Allowance 

If you're not eligible for redundancy pay or Universal Credit, you can apply for Jobseeker's Allowance. It's not means-tested so your savings won't be counted, and you'll receive up to £74.35 a week for up to 28 weeks. You will have to have paid enough National Insurance contributions to qualify, but the threshold is low.