The report states that ‘on the grounds of fairness, the Government has decided to introduce a one-off increase in statutory redundancy pay and compensation payments to help those being made redundant without placing undue burdens on employers and the Exchequer’.
The statutory redundancy pay calculator (which is also known as the ‘Ready Reckoner’) is a useful tool to working out the redundancy pay due to a particular employee. You enter the particular employee’s age, length of service (maximum of 20) and weekly pay (the present maximum being £350) and the ready reckoner calculates the redundancy pay due.
You can access the Ready Reckoner by clicking here.
Just Employment Law Ltd are well placed to provide you with advice and assistance if you require to take the necessary, but unfortunate step, of contemplating redundancies. In our article titled "Planning for Redundancies" – we provided an overview of the redundancy process and highlighted the potential risks involved and emphasised the importance of planning in order to minimise the risks involved.
Next week we shall be providing you with an update on the very recent House of Lords’ decision in the case of Stringer v HMRC.