STATUTORY REDUNDANCY PAY

That this House calls on the Government urgently to address the current cap on statutory redundancy pay (SRP); notes that the statutory limits on the amount of weekly pay which counts when calculating an employee's right to SRP has not increased in line with earnings and as a result the limit has declined to just 56 per cent. of average weekly earnings; believes that in the current economic climate the value of statutory redundancy pay is a real concern for thousands of people all over the country; and further calls on the Government to introduce legislation to uprate SRP and introduce a mechanism to link it to average weekly earnings.