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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:
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 0844 875 55 33 or fill out our online quote request form and one of our advisors will contact you.