From 1st February 2012, the maximum week’s pay that can be used to calculate statutory redundancy payments increased from £400 to £430. This in turn increased the maximum statutory redundancy entitlement to £12,900.
The actual statutory redundancy payment a person can receive still depends on their length of employment, their age and their weekly pay (up to a limit of £430 per week):
- A person under the age of 22 would receive half a week’s pay for each full year of service.
- A person aged 22 or above, but under 41, would receive one week’s pay for each full year of service.
- A person aged 41 or above would receive one and a half weeks’ pay for each full year of service.
Increases to Maternity, Paternity, Adoption and Sick Pay
Further increases are also planned to take effect from April 2012. From April 1st, the standard rate of statutory maternity, paternity and adoption pay will increase from £128.73 per week to £135.45 per week. From April 6th, statutory sick pay will increase from £81.60 to £85.85 per week.
