Redundancy pay

In these very uncertain times when budgets are tightly stretched, you might be faced with the prospect of being made redundant.  You will normally be entitled to statutory redundancy pay if you’re an employee and you’ve been working for your current employer for 2 years or more. 

You’ll get:

• half a week’s pay for each full year you were under 22
• one week’s pay for each full year you were 22 or older, but under 41
• one and half week’s pay for each full year you were 41 or older

Length of service is capped at 20 years and weekly pay is capped at £475. The maximum amount of statutory redundancy pay is £14,250.

You can calculate your redundancy pay here