Redundancy Insurance

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Redundancy Payments

The Redundancy Payments Acts, 1967-2007 oblige employers by law to pay redundant employees what is known as "statutory redundancy entitlement". The amount is related to the employee's length of service and normal weekly earnings (up to a maximum wage at of €600 per week for Redundancies from 1st of January 2005).

An employee between the ages of 16 and 66. Employees who have reached 66 years of age and whose date of termination is on or after the 8th of May 2007 are now eligible for a redundancy payment under the Redundancy Payments Act 1967-2007.

The worker must be in a job that is insurable under the Social Welfare Acts.

Employers are obliged to make redundancy payments in accordance with the statutory requirements laid down under the Redundancy Payments Acts. In situations where the employer is unable to pay the employees their entitlements, the Department of Enterprise, Trade and Employment pays the full amount direct to the employees from the Social Insurance Fund.

Two weeks pay for each year of employment between the ages of 16 and 66 years. Reckonable service is service EXCLUDING ordinary sick leave over and above 26 weeks, occupational injury over and above 52 weeks. All Breaks in Service should be within the last three years prior to the Date of Termination. Reckonable service also excludes absence from work because of lay-offs or strikes. However, short-time work is reckonable.

Disputes about redundancy payments can be submitted to the Employment Appeals Tribunal which provides an informal means for workers to seek remedies for alleged infringements of their statutory redundancy rights. The Tribunal also deals with disputes under such other labour law areas as the Minimum Notice and Terms of Employment Acts, 1973 to 2001. These cover the right of workers to a minimum period of notice before dismissal, provided they are in continuous service with the same employer for at least 13 weeks and are normally expected to work at least 8 hours per week.

The Tribunal also deals with the Unfair Dismissals Acts, 1977 to 1993 and the Protection of Employees (Employers' Insolvency) Acts, 1984 to 2003 (dealing with such areas, amongst others, as arrears of pay due to an employee, holiday and sick pay etc.) where the employer is insolvent.

Despite the money that could be paid out 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.