Q: Hoping to get some help with redundancy calculation as this is my first time doing it. Can you please provide instructions on how to calculate the redundancy payment for someone who has been with us for a little less than 20 years. Is there a formula I could use?
A: Redundancy compensation is not a legislative term it is by agreement, so you need to see what has been agreed.
Redundancy compensation if paid would be taxed as an extra pay. The employee also gets notice period: if worked taxed normally or if paid in lieu as a lump sum taxed as an extra pay.
Redundancy compensation is not part of the 8% on termination but notice is.