Redundancy calculator
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- when do i get my redundancy payment
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Redundancy Payments: Guide, Calculation & Examples
This article covers the basics of redundancy payments, who qualifies, how they're calculated, and how they differ from severance pay, with examples.
Understanding redundancy payments, how they are calculated, and their implications is important for both employers and employees. In this article, we’ll walk you through everything you need to know about a comprehensive guide to redundancy payments, distinguishing them from severance pay, and offering detailed examples and calculations to clarify the process.
What is redundancy pay?
Redundancy pay, also known as redundancy compensation, is a form of compensation provided to employees when they are made redundant due to various factors such as company downsizing, restructuring, or technological changes that render certain roles obsolete.
Unlike other types of compensation, redundancy pay is specifically intended to support employees as they transition out of their current employment and seek new opportunities.
To calculate redundancy pay, the formula is: Redundancy pay =
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- when will i receive my redundancy payment