Statutory redundancy payment (SRP)

Statutory redundancy payment (SRP) is a statutory payment due to any employee with two years continuous employment who is made redundant.
 
The amount of a statutory redundancy payment is calculated in the same way as the basic award, according to a formula based on the employee’s age, length of service and week’s pay  (subject to a statutory limit).

Employers should have a compliant redundancy policy.

Members can download a redundancy policy here

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