Statutory redundancy payment to increase
23 January 2012
The statutory redundancy payment will increase from £400 per week to £430 per week as from 1 February 2012.
The following bullet points explain the calculation for statutory redundancy pay, together with what this payment is based upon:
What a person would receive:
- 0.5 week’s pay for each full year of service where the person's age was under 22
- 1 week’s pay for each full year of service where the person's age was 22 or above, but under 41
- 1.5 week’s pay for each full year of service where the person's age was 41 or above
Payment based upon:
- How long someone has been continuously employed
- The person's age
- The person's weekly pay, up to a certain limit (£400 current maximum, £430 from 1 February 2012)
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