01332 340 211

Statutory redundancy payment

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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.

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Derby Head Office:
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Derby
DE1 3HQ
Tel: 01332 340 211
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