Ha. I got told this and was given 1/2 weeks pay for 3 years service.
It's 1 week for 22+, as i'm 21 and was told 21+ is 1 week for every year.
Redundancy Payouts
- Thread starter DiscoKandy
- Start date
Ha. I got told this and was given 1/2 weeks pay for 3 years service.
It's 1 week for 22+, as i'm 21 and was told 21+ is 1 week for every year.
3 weeks for every year is a fairly decent payout considering the times. My company has had two sets of redundancies in the past 12months and they strictly enforce the bare minimum and you need to have had worked for 2 years to be considered for payout.
Man of Honour
- Joined
- 29 Mar 2003
- Posts
- 57,980
- Location
- Blurton
Here you go, this is what you're entitled to - http://www.berr.gov.uk/whatwedo/employment/employment-legislation/employment-guidance/page33157.html
Soldato
- Joined
- 28 Oct 2003
- Posts
- 5,511
- Location
- Worthington-on-sea
I was made redundant 2 years ago when the company was bought out. Everyone eligible got a month's salary for each full year of employment plus accrued holiday and pro rata bonus payment. As I was kept on until the very end I also got 3 months pay in lieu of notice.
However, we were very lucky to get this and anything above statutory, especially in the current economic climate, is a good deal.
However, we were very lucky to get this and anything above statutory, especially in the current economic climate, is a good deal.
Remember that they only have to give very little (see link above).
Also note there is a cap - so quite often you won't get all that you're owed as you reach the cap.
Government are trying to remove said cap - not sure how far up their "to do" list it is.
Also note there is a cap - so quite often you won't get all that you're owed as you reach the cap.
Government are trying to remove said cap - not sure how far up their "to do" list it is.
The cap is £380pw, so i'd imagine that almost everyone will be above the cap. Its a worrying state of affairs that the statutory amount is so low really.
The problem is that it is a balancing act. Too much difficulty in adjusting the size of your workforce leads to recruitment reductions or use of temporary employees, which in turn raises unemployment through reduced investment and so on (see France and Germany). It also can increase the risk of an employer being stuck in a financial black hole, where they can't keep paying workers, but also can't afford to make them redundant, and all that happens then is the company goes under and the entire workforce goes out of a job.
It would be nice to increase the payment or the cap, but what would be the cost of doing so?
