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Statutory Redundancy Entitlement Definition
Our statutory redundancy entitlement calculator makes determining your redundancy pay easy. When an employee loses his job in spite of providing good service for the company, it is called a redundancy. Use this FREE calculator today!
This happens when the company reduces its labor force, closes a facility or closes the entire business. These actions often affect multiple employees at the same time. When more than 20 employees lose their jobs at one company, they may qualify for statutory redundancy entitlement pay.
How it Works
Employers often provide these employees with severance packages to ease their transition into a job search. Companies unable to provide severance packages must provide statutory redundancy pay to all qualified employees. The employee must have accumulated more than two years of continuous experience working for the company to qualify for statutory redundancy entitlement pay.
In some cases, employees with less than two years of continuous experience qualify. The employees are let go from their employer after working more than six weeks in a thirteen week period. Apprentices, domestic servants and fisherman do not qualify for this pay.
Calculation of statutory redundancy pay considers three factors. These include:
The Age of the Employee
The Number of Years the Employee Worked for the Company
The Salary of the Employee
The calculation of statutory redundancy entitlement involves tracking the employee’s work history and age during each year of employment. The amount of pay owed to the employee varies depending on the employee’s age during each year of employment.
Employees who worked while they were younger than 22 years old receive one half of a week’s pay for each year worked during that time.
Employees who worked while they were between 22 and 40 years old receive one week of pay for each year worked during that time.
Employees who worked while they were older than 41 years old receive one and a half weeks of pay for each year worked during those years.
The total of these three amounts determines the total statutory redundancy entitlement.
Our statutory redundancy entitlement calculator makes the calculation quick requiring you to enter just a few numbers. The calculator performs the work and provides you with the final amount. There is a maximum statutory redundancy entitlement payment amount which may change periodically.
How to Calculate Statutory Redundancy Entitlement
Let's be honest - sometimes the best statutory redundancy entitlement calculator is the one that is easy to use and doesn't require us to even know what the statutory redundancy entitlement formula is in the first place! But if you want to know the exact formula for calculating statutory redundancy entitlement then please check out the "Formula" box above.
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