Redundancy payments

[RedundancyRUs]

Does anyone have any experience on the generosity of redundancy payouts.

I've been with the company that I'm being made redundant from for 20 years. I'm getting time in lieu of notice (enhanced by some random sum which is about a third on top of that) statutory redundancy, and an additional payment of about a third again for long service, and lastly payment for unused leave (not for leave I was going to take but hadn't so I've lost about 3 weeks).

Does this seem generous? My employer has never been renowned for its generosity and I don't think this is any better.

Has anyone any advice or failing that, any stories that might make me feel any better about what is a shit situation. I've been at risk 3 times already prior to this and am feeling old, tired and a bit brutalized.

It depends on that extra payment amount. I got a month’s pay for every year I’d worked for them and it was under 30k so it was tax free so instead of 8 months pay it was more like 12 months (I was part time). I actually finished the Friday and started my new job on the Monday so used the payoff to buy a newer car and have some extra savings. I was led to believe that was actually generous as basic redundancy is one week’s pay per year.

Good luck.

trying to work out what you are getting

there are statutory amounts you are entitled to

I'm getting
time in lieu of notice (enhanced by some random sum which is about a third on top of that)
statutory redundancy,

and an additional payment of about a third again for long service,

and lastly payment for unused leave (not for leave I was going to take but hadn't so I've lost about 3 weeks). You should not be losing any money, if you have unused leave, then you need to be paid for it. How have you lost 15 days?

All you are entitled to is the statutory redundancy, the holiday accrued and not used, and either you do your notice period or they pay you.

the extras are the enhanced bits

Not sure what would be generous really, it probably largely depends on the sector you work in. Mine was a week's pay for each year of service which wasn't very much in the scheme of things. Especially if you are trying to find a new job with the time you have. People there under 2 years didn't get anything.

payment for unused leave (not for leave I was going to take but hadn't so I've lost about 3 weeks)

Do you mean they're not paying you for leave you'd booked in but hadn't had chance to take?

If so, that's not on - they should pay you for all leave you've not taken regardless of whether it was booked in for the future or not.

Only if its been accrued

My husband was Made redundant years ago. Had worked for the company for 3.5 years and got £14900 which was good at the time as he started a new job immediately. My neighbour took voluntary redundancy and his wife said the pay out would last 1-1.5 years. It did take him about 9 months to get a new job (though he h had taken some ‘time’ out). Depends if the money is going to give you breathing pace until you got somewhere new. My boss has just been made redundant and I’ve had to take her place with no promo or pay rise. It’s happening across my whole company. Tough times! I hope you have enough to
pause and get a new job on your terms

Ok, so statutory redundancy for 12 weeks and a settlement which is roughly equal to another 3 months.

One month's unused annual leave payment.

Three month's pay in lieu of notice.

So, no, now that I think about it, not terribly generous given I was there for 20 years.

Ah well 🙄

I was made redundant after 24 years and left with around 49 weeks salary. Part of that was a 3 month bonus for staying to support the restructure (150 of us were made redundant at the same time across all functions).

I started my next job around 6 weeks later, but knowing I had no service in the new job and i didnt have that redundancy safety net if it happened again I put 1/2 into mortgage and saved the rest as a rainy day fund until I was at the new company for a few years.

I took voluntary redundancy when my company moved offices. I had been with them for 20 years and I got £56,000. They are a huge multi National company though with a generous redundancy policy.

Go on gov.uk there’s a redundancy calculator on there that will tell u min amount

If you're over 40, I think you're meant to get a bit extra for every year over 40 you've worked there. Could be 42.

I've been made redundant twice and only got statutory, so it sounds good to me.

Thankyou all. I've worked out that they'd under calculated my unused annual leave.

My statutory redundancy is correct as is time in lieu. I've no idea if the long service payment is generous but I guess I should be grateful that I've not been booted out with the bare minimum.

Now to move on.