(1) On termination of employment due to redundancy an employee who has completed no less than 2 years of continuous employment with his or her employer is entitled to be paid by the employer redundancy pay equivalent to—
(a) one week's basic pay for each completed year of service up to the first 3 years;
(b) two weeks' basic pay for each completed year of service in excess of 3 years and up to 7 years; or
(c) three weeks' basic pay for each completed year of service in excess of 7 years of service.
(2) For the purposes of subsection (1), the amount of a week's pay shall be the amount the employee would be entitled to in the last week of his or her employment or $350 whichever is lower.
(3) The payment of redundancy pay under subsection (1), shall not affect the employee's entitlement, if any, to payment in lieu of notice under section 155 or to compensation or award or to any outstanding wages, benefits, other remuneration for work performed by that employee or any other termination benefits.