Statutory Redundancy Pay Entitlements

by Tom Tilinhouse on Nov 6, 2010

Statutory redundancy payments are commonplace in the uk. Whenever a worker with over 2 yrs of continuing service is created redundant they are usually eligible to be given a statutory level of compensation. Redundancy is commonplace in the current tough economic climate with lots of businesses being prone to pay statutory redundancy payments. Redundancy occurs due to businesses failing but may also be due to downsizing, changes to operation or the closure of premises using locations. When demand for services and products falls there might be legitimate grounds to make employees redundant. To be eligible for a statutory redundancy payment an employee must have accrued two years of continuous service with an employer. Employees with less than two years service may still have a contractual entitlement to redundancy pay determined by their contract of employment. You should note that even employees under fixed term contracts are entitled to statutory redundancy pay if their contract is not renewed. There are certain classes of employee that do not qualify for statutory redundancy payments. Among them are apprentices whose contracts end at the conclusion of the period of apprenticeship. Additional classes of employee are share fishermen plus some domestic servants. Statutory redundancy payments may also be claimed by workers that are let go or positioned on short-time working. Claims may be made where the lay-off or short time working has lasted a lot more than four weeks or more than 6 weeks inside a thirteen week period. Calculating a statutory redundancy payment is a straightforward task taking into account the employees age, period of employment and current earnings. The calculation is dependant on the weekly payment to the employee to a maximum level of £380. Along employment taken into account within the calculation is a minimum of 2 yrs service up to and including maximum of two decades. For each year worked under the age of 22 the employee is entitled to half a weeks' purchase every full year and services information. Between 22 and 40 the employee receives one weeks pay per year, and over the age of 41 the employee is eligible for one and a half weeks pay each year.

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