Your company’s business activities can vary when you run a small business. There may be times when you are busy and doing well and times when things are quiet. You may also change your business activities, such as by expanding or reducing them. As an employer, there may, therefore, be a time when you need to make redundancies. There are many rules on making redundancies, which you must be aware of and abide by, or you could face a tribunal claim. This article will explain the legal requirements for small businesses in terms of enhanced redundancy pay.<\/p>\n\n\n\n
When your small business makes redundancies, you, as an employer, dismiss staff to reduce your overall workforce. You may make redundancies in your business when you undergo changes such as restructuring<\/a> or reducing your workload, which may mean stopping a production line or no longer offering a specific service. You could also have to make redundancies in your company because you have financial problems and can no longer afford such a large number of staff. <\/p>\n\n\n\n However, there are rules regarding the redundancy process, which you must follow to ensure a fair process. <\/p>\n\n\n\n When you make your staff redundant, by law, you have to offer them redundancy pay where they meet the legal criteria. The minimum you must pay them is the statutory redundancy pay amount. Usually, your employees who have been working for you for at least two years will have an entitlement to this, and there are rules you have to follow in terms of how much you pay them.<\/p>\n\n\n\n\n\n Continue reading this article below the form\n <\/i>\n<\/a>\nWhat is Statutory Redundancy Pay?<\/h2>\n\n\n\n