Following the recent articles in the press, the administrators would like to clarify the position regarding statutory and contractual redundancy.
To claim redundancy pay an employee must have worked at the company for a minimum of two complete years. Redundancy pay is based on age and length of service and is paid at the weekly rate of pay or the statutory maximum (currently £400), whichever is the lower.
Many employees have contractual claims over and above the statutory limits. These will rank as unsecured claims against the estate.
We have committed to retaining around half of MF Global’s people beyond the end of November and indeed it is likely that many people will be working for many months or even years beyond that time.
For further information, please visit The Insolvency service Website - http://www.bis.gov.uk/insolvency. This contains information relating to redundancy and employee claims.
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