Redundancy Insurance

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Statutory Redundancy Pay

Statutory redundancy pay is normally payable to any employee whose employment is terminated on grounds of redundancy, provided he or she has at least two years' continuous service at the date of termination of employment.

As a rule of thumb, statutory redundancy payments are calculated on the basis of one week's pay for each year worked up to a maximum of 20 weeks' pay. The maximum amount of a week's pay is capped by national legislation, which from 1st February 2007 set the maximum figure at £310 per week. The cost of any redundancy payment will fall on the company / person employing the worker when he is dismissed.

A precise calculation of statutory redundancy pay can be made using the ready reckoner on the Department of Trade and Industry's web site.

Staff whose contracts of employment are liable to be prematurely terminated on grounds of redundancy may be eligible to apply for voluntary severance on enhanced terms depending upon agreements with the employer in force at the time.

No matter how much Notice of Redundancy is given and how generous the Redundancy Pay is, it is very rarely enough to give you financial stability until you have managed to obtain another job. This is where Redundancy Insurance is important. Getting Redundancy Protection from an independent broker such as UKinsuranceNET guarantees that you will receive truly impartial advice pertaining to your own individual circumstances.

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.