Statutory redundancy pay

With effect from 1 February 2000 the amount of a "weeks' pay", used in the calculation of statutory redundancy pay has increased from £220 to £230. This means that for every year that an employee works they will be entitled to at least £230 in redundancy pay. The maximum amount available under the statutory scheme, which applies where an employee is aged 61 or over and has at least 20 years' service is £6,900. This is the only change as far as the amount of statutory redundancy pay is concerned. Contrary to rumours, which circulate fairly frequently, there are no plans to increase statutory redundancy pay to £1,000 per year of service.