How is my redundancy pay calculated?

Provided you have 2 years' continuous service with your employer and are an employee, you will be entitled to a redundancy payment on being made redundant. This is calculated as follows:

• half a week's pay for each year of employment up to the age of 22
• one week's pay for each year of employment between ages 22 to 40
• one and a half week's pay for each year of employment over the age of 41
• there is a statutory maximum limit to a week's pay. This is set annually and is currently £350 per week. A week's pay is the amount payable for normal working under the contract of employment in force at the time of calculation.

The BIS website has a handy ready reckoner for working out your entitlement.