S.I. No. 695/2004 - Redundancy Payments (Lump Sum) Regulations 2004

STATUTORY INSTRUMENTS.

S.I. No. 695 of 2004 .

REDUNDANCY PAYMENTS (LUMP SUM) REGULATIONS 2004.

S.I. No. 695 of 2004 .

REDUNDANCY PAYMENTS (LUMP SUM) REGULATIONS 2004.

I, MICHEÁL MARTIN, Minister for Enterprise, Trade and Employment, in exercise of the powers conferred on me by section 4(2)(a) of the Redundancy Payments Act 1979 (No. 7 of 1979), the Labour (Transfer of Departmental Administration and Ministerial Functions) Order 1993 ( S.I. No. 18 of 1993 ) and the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 ( S.I. No. 305 of 1997 ), with the consent of the Minister for Finance, and having taken into account the matters referred to in section 4(3) of that Act, hereby make the following regulations:

1. These Regulations may be cited as the Redundancy Payments (Lump Sum) Regulations 2004 and shall come into operation on the 1st day of January, 2005.

2. The amount referred to in paragraph 2 of Schedule 3 of the Redundancy Payments Act 1967 (No. 21 of 1967) (inserted by section 4(1) of the Redundancy Payments Act 1979 (No. 7 of 1997), and varied by the Redundancy Payments (Lump Sum) Regulations 2001 ( S.I. No. 41 of 2001 )) is varied by substituting “€31,200” for “ £20,800”.

The Minister for Finance hereby consents to the making of the foregoing Regulations.

EXPLANATORY NOTE.

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

The purpose of these Regulations is to raise the ceiling on annual reckonable earnings to be taken into account in the calculation of a statutory redundancy lump sum payment from €26,411 (€507.90 per week) (being £20,800 at the date of the last increase on 1st April, 2001 or £400 per week) to €31,200, (€600 per week) from 1st January, 2005. The critical date for determining whether the higher ceiling should apply in any particular case is the date on which notification of proposed dismissal by reason of redundancy is issued.