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What is redundancy payment?

What is redundancy payment?

A redundancy payment is a form of compensation offered when your job no longer exists. You may have the right to claim redundancy if you are an employee, or a director. There are two types of redundancy pay:

Statutory redundancy pay – the payment rates are set down by law
Contractual statutory pay – this varies from company to company. The details will be set out in your contract of employment.

It is a legal requirement for all employees to hold a contract of employment.

Gary Addison

Advisor

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May I take this opportunity to thank you and your team for all your professional help in securing for myself and my wife, redundancy pay. I would have no hesitation in recommending RCUK to assist them.

Tom Harrison Managing Director of a construction company