Statutory redundancy pay is calculated according to a formula based on age, length of service and pay. Firstly, you calculate the length of their continuous service. Then, counting backwards from the date that their employment terminates, the employee is entitled to:
A maximum of 20 years’ service can be taken into account when calculating a statutory redundancy payment. A week’s pay is capped at the statutory maximum (currently £400), but the amount is usually increased in February each year.
Disclaimer: This information is provided for general guidance only and is not intended to constitute legal advice. You must consult our employment solicitors if you require advice on your situation or circumstances.
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