News Local State to fork out about €55,555 for redundancies in 2021

State to fork out about €55,555 for redundancies in 2021

The maximum amount the state is estimated to pay in 2021 for people who will be made redundant is €55,555 compared to €53,121 in 2020. The state had paid a total of  €52,662 between 2013 and 2018.

The maximum amount granted for this practise in 2012 was €51,605 and €50,449 in 2011. In 2010, this amount stood at €48,990, at €46,529 in 2009 and at €44,529 in 2008, according to Philenews.

Even though the government puts provisions to safeguard redundancies when handing out business aid as a result of covid’s economic repercussions, this in itself is not enough.

A number of employees – higher that this year – are expected to lose their jobs in 2021.

The Surplus Fund is a liquidity cushion for employees in the event of redundancies.

According to the law on termination of employment, the maximum amount of payment is calculated as the maximum number of weeks of salary compensation.

Also, according to the legislation of the Social Insurance, payment from the Surplus Fund are entitled to employees who were continuously employed for 104 weeks by the same employer before retirement age.

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