Royal mail voluntary redundancy calculator
The Royal Mail Voluntary Redundancy Calculator is a tool used to calculate the redundancy payment for Royal Mail employees who are eligible for voluntary redundancy. The calculator takes into account various factors such as the employee's length of service, age, and salary to determine the amount of the redundancy payment.
Here is a general outline of how the calculator works:
- Enter your personal details: The calculator asks for your name, employee number, and date of birth.
- Enter your service details: The calculator asks for your start date, length of service, and any breaks in service.
- Enter your salary details: The calculator asks for your current salary, any previous salaries, and any bonuses or overtime payments.
- Calculate the redundancy payment: The calculator uses the information provided to calculate the redundancy payment based on the Royal Mail's redundancy policy.
The redundancy payment is calculated as follows:
- For employees with 5-10 years of service, the payment is 1 week's pay for each year of service.
- For employees with 10-20 years of service, the payment is 1.5 weeks' pay for each year of service.
- For employees with 20-30 years of service, the payment is 2 weeks' pay for each year of service.
- For employees with 30+ years of service, the payment is 2.5 weeks' pay for each year of service.
The calculator also takes into account any additional payments that may be due, such as:
- A payment of 1 week's pay for each year of service for employees who are 50 or over.
- A payment of 1.5 weeks' pay for each year of service for employees who are 55 or over.
- A payment of 2 weeks' pay for each year of service for employees who are 60 or over.
It's important to note that the calculator is only an estimate and the actual redundancy payment may vary depending on the individual circumstances of the employee.