Statutory redundancy pay is worked out based on your current weekly pay, your age, and your length of service for your employer. If you are entitled to redundancy pay you will receive:
Half of your weekly pay for each year of service when you were under the age of 22
One week of pay for each year you were aged between 22 and 41
One and a half week’s pay for each year of service over the age of 41
The maximum weekly pay you can receive is £525, and the maximum statutory pay you can receive is £15,750.
The length of service that can be taken into account is capped at 20 years. When calculating your redundancy pay, the amount is based on the 20 years directly preceding your redundancy.