How do I calculate my redundancy payment?

The calculation takes into account your age, length of service and weekly pay (currently capped at £475). It is:

• 1.5 weeks’ pay for each complete year you are over 41 years old;
• 1 week’s pay for each complete year you are over 22 but under the 41 years old;
• 0.5 weeks’ pay for each complete year you are 22 years old and under.