Salary Protection insurance

Losing your job is always bad news. But itís especially disastrous if you live in the UK.

Thatís because UK workers hit by the latest wave of redundancies can expect much less State support than any of their counterparts in Europe. A new European study shows that someone in France will receive up to 75% of salary in benefits while a UK worker will have to get by on 53 per week.

The survey finds that workers in the Netherlands can receive most in the way of state support should they lose their job. They can expect up to 450 per week if they are made redundant, 8.5 times the 53 that someone would receive in the UK. The Spanish, frequently seen to have a comparatively relaxed approach to their working lives, would receive up to 70% of their salary. For someone who had been earning 500 after tax that is equivalent to 375 per week, nearly 6 times what is available in the UK.

The study was undertaken by redundancy insurance specialists salaryprotect.com. ìThis shows that people have to provide for themselves in the UK.î says Simon Osborne of SalaryProtect. ìIncreasingly people are looking to protect their income, theyíd rather pay a few pounds a month while theyíre working, than face financial meltdown when they lose their job.î A SalaryProtect policy costs from 1.28 for 100 of cover so that 12.80 per month could buy 1000 of monthly payouts.

In the current turbulent economic climate itís estimated that up to one third of the working population in the private sector believe their job is at risk.

About SalaryProtect:

SalaryProtect is arranged by The Insurance Services Marketing Alliance Ltd (ISMA) and is underwritten by Pinnacle Insurance PLC, one of the UKís largest insurers and part of BNP Paribas.