Update your statutory redundancy pay calculations
New limits on employment statutory redundancy pay come into force on 6 April 2024.
Employers that make employees redundant must pay those with two years’ service an amount based on the employee’s weekly pay, length of service and age.
The weekly pay is subject to a maximum amount, which is £700 from 6 April 2024 (increasing from £643).
HR professionals should ensure that calculations for statutory redundancy payments are made on the basis of this new maximum amount for redundancy dismissals on or after 6 April 2024.