statutory redundancy payment
A statutory payment due to any employee with two years continuous employment who is made redundant. The amount of a statutory redundancy payment is calculated in the same way as the basic award, according to a formula based on the employee's age, length of service and week's pay (subject to a statutory limit). However the statutory redundancy payment does not take into account employment under the age of 18.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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