9 years!

[Rommagic]

At the Royal mail,If i became redundant?.Is it one months pay for every year worked?.My pension would not be worth much a.I think there is a real possibility when new machines come in.Just wonder how many more years?.

[johnnyp]

Not sure but i think its a weeks pay for every year ,and there is a max.Dont worry someone else will clock this and tell us the correct figure .

[hackedoff]

I'm pretty sure there is a minimum per year. Cant remember exactly........

[TrueBlueTerrier]

http://www.redundancyhelp.co.uk/PayQuic ... e_payments

What are the payments?

Many employers will only pay the statutory minimum redundancy pay, whilst others are far more generous, for example, 1 months gross salary for every year worked. Generally, blue-chip companies and financial institutions are found to be more generous with their payments. It is also the case, that even where an employer may only pay the statutory minimum, they will enhance the redundancy payment by making an ex-gratia lump sum without reference to a specific formula. This is often the case where the dismissal based on a purported redundancy is on shaky grounds. An employer will often make an enhanced payment to take into account any shortcomings in the redundancy procedure and to ward of any potential tribunal claim. An employee in turn will often be asked to sign a compromise agreement which will prevent you form bringing any subsequent unfair dismissal claim. A specialist employment law solicitor is best placed to negotiate a severance package for you after taking into account the strength of your claim.

If you are being paid only the statutory amount, this will be governed by:

* How long you have been continuously employed by your employer;

* How your years of continuous service relate to a particular age band;

* Your weekly pay, up to a legal limit, revised as at 1st February 2007 to £310.00.

For each complete year of continuous service between the ages of 18 and 21, you will receive half a week's pay.

For each complete year of continuous service between the ages of 22 and 40, you will receive one week's pay.

For each complete year of continuous service between the ages of 41 and 65 you will receive 1½ weeks' pay. However, if you are over 64, the total amount of the payment you receive will be reduced.

To help you work out your statutory payment, you can use the Ready Reckoner for calculating the number of weeks' pay due. Don't forget, the week's pay is subject to a maximum of £310.00 as of February 01st 2007.

[BELIAL]

Bugger me Adams going to be well peed off when he gets the gooner

[L Tommo]

BELIAL.. Please dont swear on the site as there is ladies about and the G word is enough to make anyone PUKE...

OUT :lfo :cfo

[baldrick]

At the moment the minimum RM VR terms under MTSF is 26 weeks pay.
If you have 9 years service you would get 27 weeks, if you are 40 or under.
Between 40 and 50 you would get an additional 2 weeks for every year older.
After 50 you would be eligible to get a pension if you got EVR, but RM seem to be refusing it to people, saying it would cost too much and are only offering the VR terms up to a maximum of 104 weeks.
RM were proposing to scrap the MTSF Agreement from April 2008, but under the new agreement, currently being ballotted, it will be the subject of a Working Group, to report back before the end of April 2008. Can't see whatever comes out as being an improvement on current terms, as managers are claiming MTSF terms are too costly.