Calculation of Redundancy Pay
The amount of a redundancy payment depends on the length of the– employee’s period of continuous employment, the amount of a– week’s pay at the calculation date and the employee’s age at the– relevant date. A week’s pay is calculated in the way shown below, but– subject to a maximum. This maximum is reviewed each year, but is– currently £145 (February 1984). Redundancy pay is calculated by– counting backwards from the relevant date the number of years of– continuous employment, subject to a maximum of 20. Then:–
KeywordsCalculation Date Mole Mining Pension Payment Continuous Employment Periodic Payment
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