(1) Upon his dismissal by reason of redundancy or upon the termination by him, in accordance with section 12(2), of his contract of employment, an employee who is entitled to redundancy payment shall be entitled, subject to this Act, to a weekly payment (in this Act referred to as a weekly payment) from the Redundancy Fund.
(2) The provisions of Schedule 1 shall apply to a weekly payment.
(3) The Minister may by order amend Schedule 1.