You must have been working for your employer for 2 years or more to be eligible for statutory redundancy pay.

The first £30,000 of redundancy pay is tax-free. Anything above that is subject to Income Tax and National Insurance.

The UK government caps the weekly pay used for calculation. As of April 2024, this is £700, and it usually increases every April.

Calculation depends on: 0.5 week's pay for each full year under age 22; 1 week's pay for each full year age 22 to 40; 1.5 week's pay for each full year age 41 or over.