Outline the way in which statutory redundancy payments are calculated. in contact irelend law

In Ireland, statutory redundancy payments are calculated based on the employee's length of service, age, and weekly pay. Here are the steps to calculate it:

1. Length of Service: The first step is to determine the length of service of the employee. This is calculated from the date the employee started work to the date of termination.

2. Age: The age of the employee is also taken into account. The calculation is as follows:

   • Half of the employee's weekly wage for each full year of service where the age during the year was less than 22.
   • One week's wage for each full year of service where the age during the year was 22 or above, but less than 41.
   • One and a half week's wage for each full year of service where the age during the year was 41 or above.

3. Weekly Pay: The weekly pay is subject to a limit of €600.

4. Calculation: The redundancy payment is calculated as follows:

   • (0.5 x weekly wage x number of years of service under 22 years of age)
   • (1 x weekly wage x number of years of service between 22-41 years of age)
   • (1.5 x weekly wage x number of years of service over 41 years of age)

Please note that statutory redundancy is tax-free. Also, the employee must have at least 104 weeks of continuous service to be eligible for a statutory redundancy payment.