As unwelcome as it is to be talking about redundancy so soon into the New Year, this nevertheless remains a subject close to the hearts of many employers. If you are one of those employers who resisted embarking on any redundancy process before the Christmas break, you may well be about to start off your consultation in the coming weeks. You should therefore be aware that the amount that you will need to pay your employees by way of statutory redundancy pay will be going up on 1st February 2012.
For dismissals on or after this date a week’s pay, currently capped at £400 increases to a maximum of £430. This could be a significant increase on the cost of making long term employees redundant and your previously prepared figures will need to be revisited.
