Redundancy payments from the Insolvency Service
If you’ve been made redundant and applied to the Insolvency Service for a redundancy payment or other money you’re owed, we will write to you to let you know what we can pay you.
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Details
Your redundancy payment is made up of several components. The attached publication explains how we work out what you’re owed and how we’ll let you know what we can pay you.
Last updated 6 April 2024 + show all updates
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Changes of your weekly pay to £700 and the maximum statutory redundancy pay to £21,000 NI deductions decreased to 8%
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Change in rate of National Insurance announced in autumn statement from 12% on payments above the primary threshold to 10% effective on taxable payments calculated by RPS on or after 6 Jan 2024.
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Due to Government re-shuffle - removing the wording "Secretary of State for Business, Energy and Industrial Strategy" to replace with Secretary of State for business and Trade.
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RPS statutory limits change for the new financial year 2023-2024
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Update to National Insurance deduction rates.
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Updated link for amending a redundancy claim
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Section 2: Updated with National Insurance reduction rates
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Update to show the increase in the weekly pay limit on 6 April 2022
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changed cap amount
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HTML amended to confirm 52 week rate of pay used for holiday pay if employee has variable hours.
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New/additional guidance added around - how we calculate rate of pay, notice work but not paid, protective awards, pensions, deductions we make from payments, what to do if you think a payment is wrong.
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Restrictions on what we can pay has been amended.
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First published.