Stat of the day: £4.4bn

The amount UK businesses paid out in redundancy payments over the last year.

Last Updated: 09 Oct 2013
Firms might be making cuts left, right and centre to help reduce costs – but in the short-term, it’s worth keeping in mind that making redundancies can be a pretty expensive business. In fact, last year, redundancy payments totalled £4.4bn, statistics obtained under Freedom of Information show.

Over the last three years, employers have paid out more than £13bn in redundancy payouts according to City law firm Wedlake Bell, who requested the figures from HMRC.

The average redundancy payout was £9,362 per person in the year to March, with businesses cutting 470,000 jobs, a fall of 10,000 from the previous year. And the numbers aren’t showing any signs of slowing: the report warned that redundancies are likely to remain high this year as the economy remains shaky – especially likely if the retail sector is any indication.

Find this article useful?

Get more great articles like this in your inbox every lunchtime

A simple cure for impostor syndrome

Opinion: It's time to stop hero-worshipping and start figuring out what greatness looks like to...

I was hired to fix Uber’s toxic culture - and I did. Here’s ...

Harvard’s Frances Frei reveals how you know when your values have gone rotten, and what...

Social responsibility may no longer be a choice

Editorial: Having securitised businesses’ loans and paid their wage bills, it’s not inconceivable the government...

What went wrong at Wirecard

And how to stop it happening to you.

Leadership lessons from Jürgen Klopp

The Liverpool manager exemplifies ‘the long win’, based not on results but on clarity of...

How to get a grip on stress

Once a zebra escapes the lion's jaws, it goes back to grazing peacefully. There's a...