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05/02/2009
TUC: Increase statutory redundancy pay to £500 |
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The Trades Union Council (TUC) has welcomed the increase in the amount of weekly earnings that count toward statutory redundancy pay but says more needs to be done.
A recent £20 increase has pushed the statutory limit up to £350 but the TUC recommends £500 as a more acceptable maximum to ensure those who have been made redundant do not lose out.
Citing official statistics, the council claims that 46.2 per cent of workers in the UK bring home more than £350 a week.
The TUC is also calling for ministers to allow people to take up to £50,000 of their redundancy pay tax free - with the current limit being held at £30,000 since 1989.
"There can be no assumption that the people who are losing their jobs will find it easy to get new ones, and they will need all the help they can get with redundancy pay, retraining and personal advice," TUC general secretary Brendan Barber said.
He adds that they will also require the funds to pay for their housing and living expenses.
In a survey of managers, the Chartered Management Institute found that 64 per cent have worked in an organisation where redundancies have been made.
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