Redundancy Insurance

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Redundancy Entitlement

If an employee is dismissed by reason of redundancy, he/she is entitled to a statutory redundancy payment from his/her employer. If this is not paid, the employee can claim a statutory redundancy payment from an Employment Tribunal. If the employer has a contractual enhanced redundancy scheme, the employee is entitled to those enhanced terms inclusive of his/her statutory entitlements.

The amount due under statutory redundancy is based upon the employee's age, length of service, and average weekly pay. For the purposes of calculation, a maximum of £270 (£280 after 1 Feb 2005) per week is allowed, and a maximum of 20 years' service.

The calculation depends on the age of the employee and uses a multiplier:

• Redundancy entitlement - An employee older than 18 but younger than 22
• 0.5 multiplied by the weekly wage for each year of service
• Redundancy entitlement - An employee older than 22 but younger than 41
• 1 multiplied by weekly wage for each year of service
• Redundancy entitlement - An employee older than 41
• 1.5 multiplied by weekly wage for each year of service
• Redundancy entitlement - Therefore the absolute maximum that can be awarded is 20 years at £270 (£280 after 1 Feb 2005) x 1.5 = £8,100
• The redundancy payment is not payable to employees aged 65 or over (or, if different, the normal retirement age for their particular organisation). From 64 to 65 the award is reduced 1/12th for every month up to 65 when it becomes nil.

Despite the apparently large sums of money that could be paid in redundancy payments experience has shown that this money is soon used up and financial hardship often follows. It is no use waiting until redundancy looms before taking out Redundancy Insurance. Act today and get your Redundancy Protection Insurance now from UKinsuranceNET.

UKinsuranceNET Accident, Sickness & Redundancy Insurance policies can be tailored to suit your individual needs. Simply click for a quote. Alternatively speak to one of our highly experienced consultants today on 0845 365 1264 or fill out our online quote request form and one of our advisors will contact you.