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The phrase 'redundancy payment' is correct and usable in written English.
It is typically used to refer to a sum of money that an employee receives upon being made redundant from a job. For example, "John received a redundancy payment of one month's salary after being made redundant due to the restructuring of the company."
Exact(31)
At present if you are made redundant you are entitled to a statutory redundancy payment of between £400 and £600 per year of service, depending on age, without going to tribunal (unless your employer fails to pay, but solvent employers generally pay).
After two years I was made redundant again, a month before I was due any redundancy payment in March 2010.
Savings: £59,000 redundancy payment.
After working for Panasonic for 18 years his redundancy payment was 'very generous'.
[This] says to the 5,600 natural leavers – hang on, you might get a redundancy payment.
The lack of continuous employment makes it difficult because you can't claim redundancy payment without two years of continuous employment.
Similar(29)
"It also depends on making significant numbers of staff redundant, but the agency doesn't yet have the resources to fund the redundancy payments required," she added.
The €30m also includes redundancy payments.
This amounts to 22.2% of all redundancy payments made.
This includes redundancy payments, pension top-ups, compromise agreements and special severance payments.
Their closure from 2013, costing £1bn in redundancy payments, would be unremarked, and unremarkable.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com