1 February 2008
Redundancy pay increase to £330
The weekly amount for redundancy pay has increased £330.
To qualify for redundancy pay your employee must be 18 or over and have at least two years continuous employment. This means that they must have been working for the same employer, without any breaks, apart from maternity, paternity, sickness and unpaid leave, for at least two years.
If your employee is between 18 and 21 they will qualify for half a week's pay, or £165, whichever is lower, for every year of continuous employment. If they are between 22 and 40, they will qualify for one week's pay, or £330, whichever is lower, for every year of continuous employment, and if they are between 41 and retirement they will qualify for one and a half week's pay, or £495, whichever is lower, for every year of continuous employment.
If you have any specific questions regarding redundancy pay, please contact Stafftax on 0845 226 2214.