Employees that are employed by their employer for two years or more are normally entitled to statutory redundancy payments. ... An employee aged under 41 and above 21 will receive 1 week's pay for each full year of employment. An employee that is 41 and older will receive 1.5 week's pay for each full year of employment.

Is statutory redundancy pay increasing in 2021?

In April 2021, these changes include the extension of IR35 reforms to the private sector, a tweak to the national minimum wage age bands, and increases to statutory redundancy pay and statutory maternity pay.

What is the current statutory redundancy rate?

Your employer must give you: 1.5 weeks' pay for each full year you worked from age 41. 1 week's pay for each full year you worked when you were between 22 and 40. half a week's pay for each year you worked when you were between 17 and 21.