Statutory Redundancy Payment definition
Statutory Redundancy Payment means the Employee’s entitlement (if any) to a statutory payment under s.135 Employment Rights ▇▇▇ ▇▇▇▇.
Examples of Statutory Redundancy Payment in a sentence
In the event of you bringing any claims set out in clause 19, without prejudice to any other remedy the Company may have, the Severance Payment (less any part thereof which is a Statutory Redundancy Payment) shall be repaid by you to the Company forthwith and shall be recoverable by the Company as a debt (and the parties agree that the amount of the Severance Payment represents a reasonable pre-estimate of the Company’s loss arising from any such breach by you).
Statutory Redundancy Payment: an amount equal to £3,592.50 as calculated in accordance with the statutory formula notified to Employee in a letter dated September 29, 2016.