How is my redundancy pay calculated?
- half a week’s pay for each year of employment up to the age of 22;
- one week’s pay for each year of employment between the ages of 22 and 40;
- one and a half week’s pay for each year of employment over the age of 41;
- a maximum of 20 years’ employment can be taken into account; and.
How many years do you get when made redundant?
You’ll normally be entitled to statutory redundancy pay if you’re an employee and you’ve been working for your current employer for 2 years or more. You’ll get: half a week’s pay for each full year you were under 22.
How much redundancy will I get for 12 years?
For each full year you’ve worked for your employer, you get: up to age 22 – half a week’s pay. age 22 to 40 – 1 week’s pay. age 41 and older – 1.5 weeks’ pay.
Can you be made redundant for a second time?
On ‘Form 12’, select ‘Yes’ to ‘Top Slicing Relief’ (as a refund may be available to you if the tax rate used to tax your redundancy is higher than your average tax rate over the last 3 years). Ex-gratia was < basic exemption and so received it tax free. Could be made redundant again this December.
Is the 10 yr rule applicable to redundancy payments?
The 10 yr rule only applies to ex-gratia payments. ie redundancy payment in addition to statutary. This is tax-free. This ex-gratia amount is tax-free if it is equal to or less than the ‘Basic Exemption’. Any amount above the Basic exemption is taxed at your highest tax rate. You have to apply for this increased exemption from Revenue.
How to get a tax refund for redundancy?
On ‘Form 12’, select ‘Yes’ to ‘Top Slicing Relief’ (as a refund may be available to you if the tax rate used to tax your redundancy is higher than your average tax rate over the last 3 years). Ex-gratia was < basic exemption and so received it tax free.
How long does it take to get redundancy pay after insolvency?
We expect all payments (redundancy pay, holiday pay and arrears of pay) to be made within 6 weeks of receiving your complete application and information from the insolvency practitioner. We will contact you if we need any further information from you to pay your claim.
