Marks and Spencer is drawing up plans to reduce its redundancy benefits.

The firm intends to reduce redundancy pay for employees aged 41 and over from 3.75 weeks for each year of service to three weeks, for employees aged 22 to 40 from 2.5 weeks to two weeks, and for staff aged 21 and under from 1.25 weeks to one week.
 
The retail giant is in talks with employee representative groups about the changes and says that nothing is confirmed at the moment.

A spokeswoman from M&S said: "We have not looked at our redundancy policies since 2006 and it is time we renewed our offering. We still offer two times the statutory rate of redundancy pay and we're ahead of our competition."