Statutory redundancy is a payment made to employees who have been made redundant. It is a legal right for employees who have worked for their employer for at least two years and who have been made redundant due to a business closure or a reduction in the workforce.
The amount of statutory redundancy pay is based on the employee’s age, length of service, and weekly pay. Employees who are over the age of 41 and have worked for their employer for at least 20 years are entitled to the maximum amount of statutory redundancy pay, which is currently 17,130.