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.
To minimise legal risks: Consult Experts – Seek HR advice when handling complex HR matters! Follow Employment Laws – Stay updated on labour laws and regulations. Document Everything – Keep detailed records of performance, complaints, and terminations. Train Managers & HR – Provide training on fair hiring, workplace conduct and payroll compliance. Use Clear Policies – Ensure policies on termination, discrimination, and wages are well documented and consistently applied. Conduct Regular Audits – Review payroll, contracts, and workplace practices to identify risks.
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Read moreYou pay normal pay if the employee is off sick and unable to work during their notice period.
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