Tuesday 03 Apr 2018 @ 10:15
Insolvency Service
Insolvency Service
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Statutory redundancy payments increase
On 6 April the maximum amount the Redundancy Payments Service (RPS) can pay individuals per week is increasing from £489 to £508.
When a business goes insolvent, employees can submit a claim to the RPS for money they are owed, including:
- redundancy pay
- holiday pay
- arrears of pay
- statutory notice pay
At the moment, the RPS can pay up to £489 a week for each claim. For example, if someone claims for redundancy pay and statutory notice pay they can get up to £489 a week for each one.
As of 06 April 2018, the amount the RPS can pay is increasing to £508 a week for each claim.
This means that if an individual is given notice of their redundancy on or after 06 April 2018, their weekly pay will be capped at £508. If they were given notice before 06 April 2018, their weekly pay may be lower.
Channel website: https://www.gov.uk/government/organisations/insolvency-service
Original article link: https://www.gov.uk/government/news/statutory-redundancy-payments-increase
Original article link: https://www.gov.uk/government/news/statutory-redundancy-payments-increase
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