Employment Facts and Stats – 2014
Statutory payments: Guide to calculating redundancy pay
Extracted from our latest Employment Facts and Stats update Summer 2014
Below are the minimum Statutory calculations for redundancy payments employees with over 2 years service are entitled to.
Of course you may offer a more generous package within your Terms and Conditions with your employee, but that is up to you.
|One & a half weeks pay||Each full year of employment in which the employee is aged 41 & over|
|One week’s pay||Each year of employment in which an employee is aged 22 to 40|
|Half a week’s pay||Each full year of employment in which an employee is aged 21 & under|
|Maximum weekly pay||£464 (see above)|
|Maximum number of years||Last 20 full years worked|
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I hope you have found this employment data useful. With so many changes in the world of Employment Law and statutory payments to remember, I will continue to try and provide you with any updates I feel may be useful to you.
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Carole Thomson Chartered FCIPD, Tech IOSH
Senior HR Consultant and Trainer
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