9.    Redundancy Payments

Human Resources will provide details of any redundancy/severance payment due to employees who have been given notice of redundancy or who are considering volunteering for severance where such a scheme is provided by the College.

Employees who are made redundant and who have at least two years’ continuous service are entitled to redundancy pay. Staff aged over 65 of years are entitled to a redundancy payment. Service is based on the number of years of completed continuous service with two weeks for every year of completed service. The maximum weekly pay, for redundancy pay calculation purposes, is capped at four times the statutory weekly maximum (currently £380). The weekly wage cap is therefore £1,520. The weekly cap will be linked to increases in the SRP cap. Basic weekly pay includes actual London Allowance, where applicable. The basic weekly pay covers the gross weekly amount prior to the application of the Pensions Salary Sacrifice arrangement.

All redundancy payments are made within the parameters of Revenue and Customs (HMRC) guidelines. Currently, the first £30k of any payment, excluding payment in lieu of notice, is tax free.

All other normal contractual payments which are taxable will be included in final pay. Any outstanding accrued holiday entitlement, in accordance with the terms of the Annual Leave Arrangements policy, will be paid and will be included in final pay.

Redundant employees who leave before their termination date will not receive any redundancy or severance payments unless authorised by the Director of Human Resources.