Statutory redundancy pay if employees have at least 2 years of continuous service.
The amount paid depends on age, years of service, and weekly salary (up to a cap). The formula is:
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.
The maximum weekly pay used for calculation is capped at £700 and tax free up to £30K (2024 figure).
Refer to individual contracts as enhanced redundancy pay may be offered.
Yes By law, part-time employees and workers are protected from being treated less favourably than a full-time ‘comparator’. The law is the Part-time Workers (Prevention of Less Favourable Treatment) Regulations 2000. The bank holiday allowance should be pro rata (proportioned into hours worked) and added to their holiday allowance. For free managers guides and templates […]
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