Redundancy calculations 2014

Employment Facts and Stats – 2014

Statutory payments:  Guide to calculating redundancy pay

 Extracted from our latest Employment Facts and Stats update Summer 2014

depositphotos_8874125-Changed-Priorities-Ahead-Sign-Isolated-on-WhiteIn business change happens and this sometimes means that a redundancy situation cannot be avoided.

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

 

Carole Thomson

Carole Thomson

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.

Redundancies can be complex to manage, so needless to say, if I can be of any help please do not hesitate to contact me.  We offer a 30 no obligation free phone consultation to discuss your business needs and how HR Support for Business can help you.

HR eStore iconOr Why not look at our HR e-Toolkit:  Redundancies and Managing Change within our HR e-Store.

The HR e-Store was developed from feedback  given by SMEs who asked if I could simply provide tried and tested HR tools with easy to follow guides.  A kit that they could simply implement into their business themselves.

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If you have found this article useful, why not have a look around our HR Newsroom and see if there is anything else we have posted that is useful to you.

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.

depositphotos_34185191-Register-Computer-Keyboard-Key-Enroll-Enter-Store-SiteYou also have the option to register your details over on the right hand side of any of the News Pages on our website and we will then send you future updates ‘hot off the press’ as they are published.

 Regards

Carole

Carole Thomson Chartered FCIPD, Tech IOSH
Senior HR Consultant and Trainer
HR Support for Business
Tel: 078994 25916/ 079412 62492 /01295 788 579   carole@hrsupportforbusiness.co.uk
www.hrsupportforbusiness.co.uk  /in/carolethomson

 

About Carole Thomson

Following 16 years implementing HR solutions for businesses I founded HR Support for Business. Designed to be a one stop trusted HR Resource centre for small and medium businesses. Working locally or virtually we can be your HR team member when you need us. Or give SMEs access to tried and trusted HR contracts, policies and documentation. A self service HR resource to make it easier for SMEs to manage their people and save time and money in development and management time.

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