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The voluntary employee-ownership scheme, announced by Chancellor George Osborne at the Conservative Party conference in Birmingham, would involve workers giving up their rights to statutory redundancy pay and protection from unfair dismissal and the ability to request flexible working, in return for between PS2,000 and PS50,000 worth of shares.
Otherwise, the calculation for statutory redundancy pay is based on the length of continuous employment, your age and your weekly pay up to a certain limit (pounds 430 current maximum).
For example, if you are 45 your weekly pay is pounds 400 and if you have completed 15 years' full service you will receive pounds 6,460 statutory redundancy pay.
Like the pounds 20 increase for the lowpaid with children, the extra statutory redundancy pay, and tax breaks for pensioners with savings.
The Chancellor will announce higher statutory redundancy pay as part of a pounds 100million scheme to support workers and their families who fall victim to the recession.
It has urged the Government to reduce the qualifying period for statutory redundancy pay entitlement from two years to 12 months.
On February 1 2009, the maximum weekly statutory redundancy pay rate rose to pounds 350 from pounds 330 for each year of service, while the total maximum statutory redundancy award increased to pounds 10,500 from pounds 9,900.
Unions claim that the drop in value of statutory redundancy pay (SRP) is punishing workers at a time of desperate financial need, and is upholding the UK's status as an EU nation where it is cheap to sack workers.