What is redundancy pay?
Redundancy pay is the financial compensation that employers offer employees when removing their positions from the organizational structure. Ideally, organizations will always need all their employees-- recruiting, hiring, and training new people is a significant investment, after all. However, external circumstances, such as company restructuring, job obsoletion, merging or transferring company ownership, relocation, or a downturn in business, can cause role redundancy. While the United States Department of labor leaves redundancy pay up to the employee-employer agreement, UK law includes basic redundancy regulations for employers to adhere to, in addition…