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In 2002, the Court of Appeal ruled in a case brought by staff employed at Albion's Farington site in Lancashire, Albion Automotive Ltd w. Walker and others, [1] that a contractual term entitling employees to an enhanced redundancy payment could be implied into the employees' contracts of employment based on the employer's custom and practice.
The key elements of the final compensation scheme for voluntary redundancy, if below normal pension age (either aged 60 or 65), were for one month's pay per year of service up to 21 months (previously 15 months) with a taper of between a maximum of 21 months' and six months' compensation for those approaching pension age, and for those at or ...
However, there is an upper limit set on what can be considered a week's pay, which is approximately the same as a week on the minimum wage (if you were made redundant on or before 31 January 2011, it was £380 per week – from 1 February 2011 to 31 January 2012, it was £400 – currently it is £508, before tax). [3]
The maximum amount of statutory redundancy pay is £17,130. [29] Italy ... but all severance pay is generally exempt from income tax.
The top rate of income tax has been dramatically cut since 1979, [103] while taxation for the richest people, who receive most money through capital gains, [104] dividends, [105] or corporate profits has been cut even further. [106] People will be classified as liable to pay income tax whether or not they work through a company. [107]
The Redundancy Payments Act 1965 (c. 62) was an act of the Parliament of the United Kingdom that introduced into UK labour law the principle that after a qualifying period of work, people would have a right to a severance payment in the event of their jobs becoming economically unnecessary to the employer. The functions of the redundancy ...
Compensation mainly consists of a "basic award" equivalent to statutory redundancy pay of, as at 2009, up to £10,500, plus a "compensatory award" for loss of earnings, statutory rights and benefits and for expenses, of up to £66,200, or unlimited where the dismissal was due to health and safety, whistleblowing or union work.
The Employment Protection (Consolidation) Act 1978 (c. 44) was a UK Act of Parliament that formed a central part of UK labour law. Its descendant is the Employment Rights Act 1996 . It consolidated two pieces of legislation, the Contracts of Employment Act 1963 and the Redundancy Payments Act 1965 .