Currently I am a full time employee but I also do side work under a GK that I fully own. My side business is not paying me anything except for work expenses (I keep this very reasonable).
If one day I quit or otherwise lose my job, it seems that because I am CEO of my company I would be ineligible for unemployment benefits.
I base that on the pdf leaflet from the Minsitry called “to everyone who has lost their job”.
Bottom of first page, there is a list of persons who cannot receive benefits:
7- those who run a business under their own name
8- those who have been appointed as a company officer
I would like to retire before legal retirement age, and I am wondering if I should close the company before I retire from full time job if I want to receive unemployment benefits.
Additional questions I have are:
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benefit rate is 50-80% of the average last 6 months salary. What decides the final rate?
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if I quit, I have to wait 3 months for payment to start. If in the table for elegible allowance days I see 240 days. Does that mean I will receive 240 of allowance starting 97 days after losing job? Or would I only receive 240-90 days of unemployment allowance?
by sebjapon