Last updated: 5th July 2023
Please use our redundancy calculator below to calculate how much you should be paid if you find yourself in a redundancy situation. Find out more about your redundancy rights.
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How is your redundancy payment calculated
Your statutory redundancy payment is calculated in the following way. As long as you have been working for the company for longer that two years, you will get paid:
- 0.5 x your gross weekly pay for every year worked up to the age of 22;
- 1 x your gross weekly pay for every year worked between the ages of 22 and 41;
- 1.5 x your gross weekly pay for every year worked above the age of 41;
All redundancy payments are tax free up to £30,000.
Please note that as of April 2023, weekly gross pay is set to a maximum payment of £643 per week.
As at April 2023 maximum statutory redundancy pay is capped at £19,290.
Additional payments
In addition to this you will be paid your notice pay (if you are not required to work your notice). This payment is taxable.
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Related topics
Redundancy Selection Criteria
Collective Redundancies
Redundancy Rights
Redundancy payments to increase from 6th April 2016
External Links
Restructures and Reorganisations – Am I Redundant?
Redundancy Advice
Case Review: Unfair Dismissal Rejected after Redundancy Payout