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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.
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