severance pay

[rob06uk]

how much severance pay do you recieve when been made redundant after working for company for 5 years

[buildersmate]

It depends how old you are. Have a look at this link, which should help you. http://www.dti.gov.uk/employment/employment-le gislation/employment-guidance/page15686.html You will find that you receive a number of weeks pay based on the number of complete years you have worked and your age. So, for example, if you are currently between 22 and 40 years of age you receive one weeks pay for each complete year of service. The bind is that the weekly wage formula is based on a maximum of �290 per week. So if you earn more than that per week, the statutory redundancy is based on �290 per week - less than average earnings nowadays. Bear in mind that these are minimum figures and you (or your TU if you are in one) should be negotiating for much more. In particular, negotiate for a formula based on actual earnings, not this riduculous �290 figure.

[kags]

Check your contract of employment (if you have one) as this might specify what you are entitled to over and above the minimum figures given by buildersmate above.