Redundancy payments

Redundancy payments are financial compensations given to employees who lose their jobs because their position is no longer needed, often due to company downsizing, restructuring, or closure. The amount typically depends on the employee's length of service and salary, following specific legal guidelines or company policies. This payment helps support workers as they transition to new employment, providing some financial relief during a challenging period. Essentially, it's a way for employers to offer some support when they have to let staff go for reasons beyond individual control.