Published On: Tue, Aug 18th, 2020

Redundancy pay: How to work out redundancy pay | Personal Finance | Finance

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Coronavirus has thrown the jobs market into havoc – hundreds of thousands have lost their job thanks to crisis, as companies fold and make dire choices in order to stay afloat. Unfortunately, this has meant many have been made redundant as companies reduce their workforces.

The number of people claiming unemployment benefits surged to 2.7 million between March and July, according to official figures.

The number of employees on UK payrolls fell by 730,000 from March to July.

Employment saw the largest falls in a decade, with younger workers, older workers and less skilled workers hit.

Average earnings have also fallen, and the average number of hours people worked dropped by a record amount to an average of 25.8 hours a week, according to figures for April to June.

There is a statutory maximum limit to a week’s pay – this is set annually and is currently £525 per week.

The GOV.UK website has a redundancy calculator for working out your entitlement.

This is the minimum redundancy pay that you are due, and your employer may operate a more generous scheme.

You should always try to negotiate with your employer to get the best deal.

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