According to a recent study by Mercer Human Resources, employees in the UK are losing out when it comes to redundancy. The study showed that UK employees generally receive less minimum redundancy pay than the rest of Europe. Employees made redundant in Spain receive five times more than in the UK. Although employees in France and the Netherlands do receive less than UK workers.
Our View:
If you are facing the prospect of redundancy you need to be aware of what your entitlements are. Visit the Redundancy Adviser.com for a complete explanation of redundancy and your rights. As a basic overview regarding the minimum redundancy payments, if you are under 18 you will not be entitled to a redundancy payment. Also, if you are older than 65 you will not be entitled to a redundancy payment. If you are aged between 64 and 65 your redundancy entitlement will be reduced by one twelfth for each complete month you are over 64. Redundancy payments are based on the length of your continuous service you have built up, with a maximum of 20 years (excluding service before age 18). For each complete year of your continuous service between the ages of 18 and 21 you will be entitled to half a week's pay. For each complete year of continuous service between the ages of 22 and 40 you will be entitled to one week's pay. For each complete year of continuous service between the ages of 41 and 65 you will be entitled to receive one and a half week's pay. Visit the Redundancy Adviser.com. Try our Redundancy Pay calculator.