July 13th, 2026.
Making employees redundant is an HR hot potato. It’s essential to handle the process competently, especially when it comes to redundancy pay.Molly Monks FIPA, licensed insolvency practitioner and director of Parker Walsh, said: “When a company is faced with making redundancies it can be an incredibly difficult time. In smaller businesses the staff are often loyal, long-serving members of the team.”
The first point to note is that the same redundancy rules apply to all sizes of business. Read on to ensure that you pay the correct redundancy pay sum to the correct employees.
What is statutory redundancy pay?Your employees may be entitled to redundancy pay under statutory redundancy payment. They must be an employee with two continuous years of service and have been dismissed, laid off or...
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