Your entitlement for redundancy depends on a number of factors including; how long you have been in the job, your age at the time you cease trading, and your current salary. Please note that for redundancy purposes, salary is capped at a maximum of £525 per week (£530 in Northern Ireland)
There is an overall maximum amount of redundancy pay you can get at £15,240, even if your actual earnings are higher or your length of service is longer than this. Only complete years of service count and service has to be continuous.
Here’s what you should get:
Your age Redundancy pay
Under 22 Half a week’s pay for each year of service
22 to 40 A week’s pay for each year of service
Over 40 A week and a half’s pay for each year of service
Pay in lieu of notice
When you’re made redundant your employee has to give you a minimum of one weeks’ notice for each year you have worked for them (up to a maximum of 12 weeks’ notice £6,096.00).
Up to 8 weeks
Up to 6 weeks holiday pay