AIA have announced a temporary enhancement to their redundancy benefit for employees stood down without pay. Stating:
The intent of our Redundancy Benefit is to provide customers with temporary financial relief in response to a permanent, involuntary, and total loss of employment.
In line with that intent and until further notice, AIA will now accept redundancy claims from customers who are stood-down without pay or Government support* for a period exceeding four weeks.
- To further minimise financial hardship for these customers, the Redundancy Benefit will be paid in advance from the end of the waiting period.
- Customers must remain stood-down without pay at the end of the waiting period.
- The Redundancy Benefit will cease after customers return to paid work.
- Customers who return to work with the same employer and are subsequently made redundant (or are stood down again for a period exceeding four weeks), will be eligible to receive a Redundancy Benefit up to the maximum payment term only.
*Government support excludes unemployment benefits through WINZ.
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