3) What is the maximum statutory redundancy payment?

Employees with a minimum of 2 years continuous service are entitled to a statutory redundancy payment. The amount is calculated as follows:

• one and a half weeks' pay for each complete year of service after reaching the age of 41;
• one weeks pay for each complete year of service between the ages of 22 and 40 inclusive; and
• half a weeks pay for each complete year of service under the age of 22; and

When calculating a weeks pay, the maximum amount is currently capped at £350 per week. Therefore, the maximum statutory redundancy payment is currently £10,500.