What is Redundancy Pay?
Redundancy takes place when an employer no longer wishes for the job being done by an employee to be done by anyone, or if the employer becomes bankrupt or insolvent. In some circumstances, where an employer has made an employee's position redundant, the employer is required to pay the employee 'redundancy pay'.
The Redundancy Pay rules do not apply to an employer if:
- the relevant employee has been employed with the employer for a continuous period of less than twelve (12) months; or
- the employer employs less than fifteen (15) employees at the time immediately before the redundancy.
The amount of redundancy pay is based on the amount of time an employee has continuously been employed by the business.
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