Facing redundancy? Here are the smart money moves to make before you leave (opens original article in a new tab)

Irish workers facing redundancy are advised to prepare financially by understanding severance packages, optimising pension contributions, and seeking financial advice to manage tax implications and long-term financial stability.

• Redundancies are increasing in tech, pharma, finance, and consulting sectors in Ireland.
• Severance packages typically include unpaid holidays, statutory redundancy payments, and ex gratia payments which may be partially taxable.
• Employees are advised to seek financial advice to optimise redundancy payments and pension contributions before leaving their jobs.
• Ex gratia payments can be structured to maximise tax-free amounts, but this may affect future pension benefits.