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This article was published on October 8th, 2019
Aside from a fair consultation and the ability to appeal the decision which should form part of a redundancy process as outlined above, employees have a number of financial entitlements.
If they have been employed by the business for at least two years, they are entitled to receive a statutory redundancy payment which is calculated based on their age and length of service as follows:
Length of service is capped at 20 years for redundancy purposes and there is also a statutory cap on weekly pay which is reviewed each year and is currently £525 (as at April 2019).
In addition, employees also entitled to a period of statutory or contractual notice, or payment in lieu of notice, as well as accrued untaken holiday entitlement.