Query on wording of redundancy

quisait

Hi folks

I am facing possible redundancy. The company that I work for has some good packages and we get the one that gives us the most money.

One of the packages states the following:

2.5 times the statutory weeks entitlement times one weeks pay for each completed year of service.

Can I interpret that as follows:

2.5 x
3 (my weeks entitlement as I have been there three years) x
£373.00 (my weekly salary) x 3

= £8392.50

Is this correct?

The question has been asked if there are any volunteers and if the above is what I think it is, I'm off!

getmore4less

How old over 41 it will be more

Statutory is one week per years service

so 2.5 *1 * 3 * £373 = £2797.50

you multiplied by 3 twice.

74jax

I would read it as 3 weeks pay is £1119.00 x 2.5 = £2797.50.

74jax

getmoreforless we must have been working that out at the same time ;-)

quisait

I'm 34.

I have to say, I thought it might be too good to be true.

Tomorrow I will seek concrete advice as to how this is calculated. The wording is not exactly clear and we have been given no example to work from

74jax

Which part are you confused on? Where do you read the second x 3 from?

quisait

times one weeks pay for each completed year of service

I thought that this might mean

£373 (one week's salary) x 3 (completed year of service)

74jax

quisait wrote: »

times one weeks pay for each completed year of service

I thought that this might mean

£373 (one week's salary) x 3 (completed year of service)

Yes that's right, so your weekly pay x 3 = £1119.00. you are then being given 2.5 times that so 2.5 x 1119.00 = £2797.50.

getmoreforless is saying that you then wrongly multiplied that figure (2797.50) by 3 again, and we're just not sure where you got that from.

it is hard to get your head round though, i was made redundant by the Halifax this January and received one month's pay for every year i worked there, you'd think that would be easy enough, yet I had 3 redundancy brackdowns - each one different, and in the end the money that landed in the bank was more again!