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What are acceptable criteria for redundancy?

Can a criteria for redundancy be salary cost? i.e. If you are being paid above the market norm and above your colleagues?

In addition, if your skills are not redundant (i.e. you could do other roles, but there are no other roles spare) but the specific role is then how does that work? Everything I have read seems to be about criteria for selection, but in my case, it is purely the role that isn't needed. :(
I've got a plan so cunning you could put a tail on it and call it a weasel.

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