How is my redundancy pay calculated?

Provided you have two years' continuous service with your employer, under the Employment Rights Act 1996, service from the age of 18 and up to the age of 65, counts for statutory redundancy pay . This is calculated as follows:

• half a week's pay for each year of employment between ages 18 to 21
• one week's pay for each year of employment between ages 22 to 40
• one and a half week's pay for each year of employment between ages 41 or over but under 65
• there is a statutory maximum limit to a week's pay. This is set annually and is £310 per week as of 1 February 2007. A week's pay is the amount payable for normal working under the contract of employment in force at the time of calculation.