Redundancy Pay
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Redundancy Pay - (adjective + noun)
Definition
If someone has been made redundant and has worked for the company for a certain period of time (in the UK it is two years), then they are entitled to statutory redundancy pay.
Extra
Source: Adapted from TUC.org
Example of Use: The worker won’t become eligible for a redundancy payment until he or she has worked two years for the employer.