As you will probably have heard by now, the Chancellor announced an increase to Statutory Redundancy Payment in the Budget yesterday, from the current figure of £350 to £380 per week. He hasn’t said from when the new increase will take effect and the lower figure itself was only introduced in February this year. The government is also considering further legislation on SRP rates in the next Parliament.
So, what does the increase mean? SRP is only payable (by the employer) to employees with two years’ continuous employment experience and that figure is paid to employees between the ages of 22 and 41. For qualifying employees over 41 they will receive 1.5 times £380 = £570. For those under 22 the applicable figure becomes £190 per week.