The Wage Guarantee Fund (as we wrote in the previous text) is a financial support for companies in bankruptcy. It covers outstanding wage claims - also applies to claims covered by the court division of the property of an insolvent deceased person.
In the second part of the cycle, we inform, among other things, about the limits of support and the period of using the benefit. We invite you to read!
Support Limits
Before you submit the application - it is worth getting information about the limits of support under the Wage Guarantee Fund. The upper limit of the coverage of claims is limited to twice the base amount (G) of the Norwegian social security system in force on the date of receipt of the bankruptcy petition at the court of first instance (fristdagen).
Limits - what else is worth knowing?
Additionally, reasonable costs related to submitting an application to initiate bankruptcy proceedings against the employer are covered. It is also worth knowing that if the employee had other income apart from the income from the previous employer or he used holiday pay, this income will be deducted from your wage claim. Did the employee receive unemployment benefits paid in advance? It will be deducted before any possible payment of benefits from the Fund.
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How long can I use the benefit?
There are three basic rules for using the Wage Guarantee Fund:
- from the commencement of bankruptcy proceedings, claims are covered for a maximum of 1 month (even if the notice period is longer),
- in a situation where the enterprise is taken over by another owner, the employee may receive the outstanding benefit (including the holiday equivalent) only until the new boss takes over the company,
- when the employee has been made temporarily dismissed prior to the declaration of bankruptcy and the employer has commenced the actual period of dismissal earlier than 14 days from the notice of such dismissal, the employee may be entitled to "double pay" for days in which the period 14 from the notice of dismissal covers the period of payment by the employer, the employee's social security contributions.
Take care of your finances - use the Wage Guarantee Fund!
In the third (last) part, we will move on to important issues related to the filling out of the application itself.
Did you miss the first part of the text? Be sure to read:
Wage Guarantee Fund - for whom? NS. 1
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