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Redundancy & Insolvency > What
is redundancy/redundancy payment? What is
redundancy? Redundancy
is generally where an employer needs to reduce his or her workforce. It
may happen because a work place is closing down, or because fewer
employees are needed for work of a particular kind. Normally your job
must have disappeared. It is not redundancy if your employer immediately
takes on a direct replacement for you. But it will not matter if your
employer is recruiting more workers for work of a different kind, or in
another location. What is a
redundancy payment? The
statutory redundancy payments scheme aims to ensure that those who are
dismissed through no fault of their own receive compensation.
Employees with more than 2 years service are
statutorily entitled to a lump sum from their employer, based on their
age, length of service and contractual earnings up to a maximum limit
which is currently £330 per week and is reviewed annually. Further information
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