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|
Hello, I’m Carole Thomson and I founded HR Support for Business to give small and medium businesses access to a trusted HR Resource Centre when needed. No fixed fees or subscriptions. You just call us when you need us or access any HR tools you need from within the HR e-Store
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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Perhaps our latest Employers Newsletter or the full Employment Facts and Stats update that this article was extracted from. Combined these two documents will inform you of key employment law changes and the up to date statutory rates that will effect your business. And of course, they are free of charge.
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Carole Thomson Chartered FCIPD, Tech IOSH
Senior HR Consultant and Trainer
HR Support for Business
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