statutory redundancy pay

Statutory redundancy pay is a legal entitlement provided to employees when their job is made redundant, meaning there’s no longer a need for their role. The amount is based on factors like length of service, age, and weekly earnings, up to certain limits. It acts as financial support during the transition, ensuring employees receive fair compensation if their position is eliminated due to business changes, economic reasons, or restructuring. This scheme helps protect workers by providing a basic level of redundancy pay mandated by law.