What a termination payment is

When you leave a job, you may get a ‘termination payment’ from your employer.

You may get a termination payment if you:

This could include:

  • statutory redundancy pay
  • holiday pay
  • unpaid wages
  • company benefits, for example bonuses or enhanced redundancy
  • any payments you receive instead of working during your notice period, for example payment in lieu of notice (PILON)

Your employer is responsible for making sure your termination payment is taxed correctly.