Mitä Statutory Redundancy on? | HR--glossaario | BambooHR
The minimum redundancy payment prescribed by law for eligible employees.
Statutory redundancy is the minimum lump-sum payment that eligible employees are legally entitled to receive when their role is made redundant. It recognises loss of employment and length of service.
In Ireland, employees with at least two years' continuous service qualify, and the payment is calculated as two weeks' pay per year of service plus one additional week, with weekly pay subject to a statutory ceiling. Some employers pay enhanced redundancy above the statutory minimum by policy or agreement.
Employers must calculate and pay correctly, follow a fair redundancy process, and keep proper records. The UK operates its own statutory redundancy pay formula based on age, service and capped weekly pay.
