I worked for two years and seven months, and i am 50 years old, calculate my redundancy pay amount, please.?

Question

I worked for two years and seven months, and i am 50 years old, calculate my redundancy pay amount, please.?

Answer 1

it is calculated by years worked only so you will get 2 years pay, it also depends on your age, at 50 you will get 3 weeks pay, at 42 years it`s 2.5 weeks, under 41 is 2 weeks, hope this helps

Answer 2

You will get three weeks pay.

Answer 3

IM AFRAID NOT A LOT REALY AS PREVIOUS REPLY SAID BARELY THREE WEEKS MONEY

LESS TAX

Answer 4

Statuary Redundancy (aka 'Government Minimum' ) is 1.5 weeks for each year worked above age 41. In your case that's 2 complete years = 2 weeks x 1.5 = 3 weeks.

MOST companies pay more that the 'Government Minimum' .. however some do calculations based on 'full years only', some take into account 'part years' (aka 'pro-rata' - which is fairer)  .. for example, the Co. might pay 2 weeks per year.

If this is 'complete years' only you get 2 x 2 = 4 weeks.

If pro-rata you get 2 x 2 7/12ths = 5 1/6th weeks.

The first £30,000 of Redundancy is not Taxable

In addition to Redundancy, since you have worked there for less than 4 years, you are only entitled to 4 weeks notice (or more if your Contract of Employment says so) = MOST companies will pay you 'money in lieu' of Notice (they don't want redundant employees spending their final weeks upsetting customers or other staff, so they pay them to leave immediately), so you are likely to be offered 'money in lieu'. Notice money IS Taxed.

You are also paid any outstanding Holidays that you haven't taken (although some Companies make you 'work your Notice' and then tell you to 'take your Holiday'). Bank Holidays are ignored (you don't get any 'extra' for not taking future bank hols). Be aware that any Holidays you have taken 'in advance' of 'earning' them will be deducted from your final pay (eg. if your entitlement is 24 days a year, that's 2 days a month, calculated from start of year. So if you have already taken more than approx 12 days (in the approx 6 months of this year), you will have to 'pay some back')

Since you have worked there for less than 3 years you MAY be entitled to a straight refund of your Pension Contributions (which will be Taxed) - you will have to check on gov. web site = they changed all the rules in 2006 & I've not fully caught up - sorry :-) ).

Finally you should go down the Job Center and Register as soon as your are made Redundant = they will tell you to 'come back when your Notice expires' .. since you have at least 2 full years NI contributions you will be entitled to up to 6 months JSA no matter what your savings. After 6 months, you will only get JSA (and other means tested benefits, like Council Tax reduction) if you have essentially  zero savings (actually I think the limit is about somewhere between 8 & 16k = a Pension you can't touch doesn't count, but ISA's shares, bonds etc do)

Answer 5

if thats all you,ve worked infifty years .i think you owe any redundancy money to the country,s coffers.

Answer 6

3 times your  weekly pay.....i think..