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Calculating
Statutory Redundance Pay

Calculating a statutory redundancy payment is based on a statutory formula taking into account the employee’s age, length of service with the employer and salary as follows:
• Half a week’s pay for each year of service under the age of 22
• One week’s pay for each year of service between ages 22 and 40
• One and a half weeks’ pay for each year of service after age of 41

A week’s pay is the gross weekly pay an employee would normally receive
A year is a period of 12 complete calendar months
A maximum of 20 years can be taken into account
Gross week’s pay capped at £430 for year 1st February 2012 to 31st January 2013
Gross week’s pay capped at £450 for year 1st February 2013 to 31st January 2014

The total statutory redundancy payment is capped at £13500 for the year.
1. Enhanced redundancy pay
2. Negotiation
3. Our services
4. Tax treatment of redundancy payments

 


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SILVERMAN SHERLIKER LLP
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7 Bath Place
London EC2A 3DR

Tel: 020 7749 2700
Email:
mail@silvermansherliker.co.uk

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