Rise in Statutory Redundancy Cap
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Ballard
Posts: 2,856 Forumite
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.
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.
I hate verisimilitude.
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Comments
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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.0 -
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.I hate verisimilitude.0 -
That would not require an agreement.0
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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.0 -
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.I hate verisimilitude.0
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