Rise in Statutory Redundancy Cap

Ballard

I see that the cap on statutory redundancy has rised from £464 (I think) per year to £475. Not a huge rise but it's better than nothing I suppose.

I signed my settlement agreement late last year when the old figure was valid but I think that that's irrelevant and that we will get a revised amount based on £475. If someone can confirm then that'd be great as there's confusion here.

For the avoidance of doubt I earn in excess of this weekly figure.

getmore4less

They only have to increase your payout if the settlement agreement is for a redundancy at the statutory rate

If they are only paying statutory why bother with an agreement if there is no other compensation.

Ballard

getmore4less wrote: »

They only have to increase your payout if the settlement agreement is for a redundancy at the statutory rate

If they are only paying statutory why bother with an agreement if there is no other compensation.

There's statutory redundancy but I've been asked to stay on until this September and will receive a taxable bonus. It's this that has warranted the agreement.

getmore4less

That would not require an agreement.

General_Grant

Ballard wrote: »

I see that the cap on statutory redundancy has rised from £464 (I think) per year to £475. Not a huge rise but it's better than nothing I suppose.

I signed my settlement agreement late last year when the old figure was valid but I think that that's irrelevant and that we will get a revised amount based on £475. If someone can confirm then that'd be great as there's confusion here.

For the avoidance of doubt I earn in excess of this weekly figure.

The cap on the weekly pay to be used in calculation of statutory redundancy pay rose to £475 on 6 April this year. So when your employment is terminated on the grounds of redundancy later this year, that would be the figure to be used.

Whatever was signed last year does not change your entitlement under the rules in operation at the time of your actual redundancy.

Ballard

General_Grant wrote: »

The cap on the weekly pay to be used in calculation of statutory redundancy pay rose to £475 on 6 April this year. So when your employment is terminated on the grounds of redundancy later this year, that would be the figure to be used.

Whatever was signed last year does not change your entitlement under the rules in operation at the time of your actual redundancy.

Thanks. This was what I thought but just wanted to make sure. In the grand scheme of things it's not going to make a huge difference (just under £200) but I'd rather have it than not.