The necessary fields are : After filling in these fields you just need to click the button to calculate your compensation and you will know the amount you are owed by the company. If your employer is insolvent, we can pay the parts of the award that correspond to basic award or redundancy pay, holiday pay, arrears of pay, notice worked but not paid and compensatory notice pay. The maximum amount of statutory redundancy pay you can be entitled to overall is £16,140, while the length of service you'll be paid for is capped at 20 years. Necessary cookies are absolutely essential for the website to function properly. It is mandatory to procure user consent prior to running these cookies on your website. All content is available under the Open Government Licence v3.0, except where otherwise stated, National restrictions in England from 5 November, Redundancies, dismissals and disciplinaries, Find out what support you can get if you’re affected by coronavirus, Coronavirus (COVID-19): guidance and support, Transparency and freedom of information releases. Give us a call for free and impartial money advice. We create a redundancy plan and manage the process fairly, adhering to the strict guidelines set out by the Govt. The £4,000 in holiday pay and bonus counts as income, and will also be taxed. The Redundancy Payments Service usually requires approximately six weeks to process your application. However, your employer cannot offer you less than your contractual or statutory entitlement. Any portion of your redundancy pay above £30,000 is treated as income, and will be taxed at the same rate as your salary and other earnings. If your employer has gone out of business, but isn't insolvent, you'll need to make a claim to an employment tribunal. Your notice, unpaid wages, and outstanding holiday will be paid subject to the statutory weekly limits and amounts as above. With this you will automatically know how much is owed to you. You should receive the money in the same way you receive your salary - most commonly paid into your bank account. Calculating your redundancy pay is very simple with our calculator.