how does redundancy payments work

[hanhol]

i have been working for a company for 10 years.the last 4 years i have worked within a job share sheme / proior to that it was full time..we have been advised that there may be redundnacies issued, how does the finance pay off work for the length of time ive worked..?
thanks

[buildersmate]

You have continuous length of service of ten years so any statutory redundancy payment will be based on that length of service.
Bear in mind that many organisations provide more compensation than the statutory minimum. (Virtually) all base payments on a formula that includes length of service.

[hanhol]

interesting, how does the maths for that work? is it monthly wage multiplied by length of service?

[mandimoo]

more like a weeks salary for each year

[buildersmate]

The statutory amount is described on this website - it also depends on one's age.
http://www.berr.gov.uk/whatwedo/employment/emp loyment-legislation/employment-guidance/page33 157.html