Losing your job due to redundancy can be a stressful experience, but if you qualify for statutory redundancy pay (SRP) in the UK, you are entitled to financial compensation.



This guide will cover who is eligible for redundancy pay, how it is calculated, and your rights when facing redundancy.



What is Statutory Redundancy Pay?

Statutory redundancy pay is the legal minimum compensation an employer must provide when making employees redundant. This applies when a job is no longer needed due to business closure, downsizing, or restructuring.



Employers may also offer enhanced (contractual) redundancy pay, which provides additional financial support beyond the statutory minimum.



Who Qualifies for Statutory Redundancy Pay?

To be eligible for statutory redundancy pay, you must:



✔️ Have worked for your employer continuously for at least two years.

✔️ Be an employee (not a contractor or freelancer).

✔️ Have lost your job due to genuine redundancy reasons.