Staff with 2 or more years of service are entitled to a redundancy payment if they are made redundant from UCL.
Statutory redundancy pay
The legal minimum payment is called statutory redundancy pay. Statutory redundancy pay must be paid if an employee has been continuously employed for at least 2 years. UCL's enhanced redundancy package (below) is based on statutory redundancy.
Statutory redundancy payments are calculated according to: length of service (up to a maximum of 20 years), age, and weekly pay, on which there is an upper limit or "cap" (currently £430). For most UCL staff, who are over 21, employees are eligible for 1 week's pay (up to £430) for each complete year of service up to and including the age of 40, and 1.5 week's pay for each year of employment thereafter.
- Up to the age of 21 - 0.5 week's pay for each completed year of service
- 22 - 40 years of age - 1 week's pay per year worked over 22
- 41+ years of age - 1.5 weeks' pay per year worked over 41
Enhanced redundancy pay
Enhanced Redundancy pay is payable to all staff made compulsorily redundant from UCL with 5 or more years service.
- The weekly pay limit (cap) is removed and the calculation is based on the full weekly pay.
- For 10 years of service or more, the total number of week's pay due is doubled.