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Section : What happens if my employer goes bankrupt or into liquidation?
Domain : Human Resource Management
Classification : Not Identified
Text Content
Sometimes businesses shut down because they aren't profitable or run out of money. This can mean that employees lose their jobs, and in some cases, the employer may not be able to pay them the wages and entitlements they are owed. When a business is bankrupt, also known as going into liquidation or insolvency, employees can get help through the Fair Entitlements Guarantee (FEG). The FEG is available to eligible employees to help them get their unpaid entitlements. This can include:
- wages - up to 13 weeks of unpaid wages (capped at the FEG maximum weekly wage)
- annual leave
- long service leave
- payment in lieu of notice of termination maximum of 5 weeks
- redundancy pay - up to 4 weeks per full year of service. It doesn't include:
- superannuation
- reimbursement payments
- one-off or irregular payments
- bonus payments
- non-ongoing or irregular commissions. For more information call the FEG Hotline on 1300 135 040 or visit the Department of Employment and Workplace Relations FEG webpage at dewr.gov.au/fair-entitlements-guarantee