In recent years, changes to a week’s pay and the maximum compensatory award have taken place in February each year. This has now changed and annual revisions will be made on 6th April each year.
The first changes took place on 6th April 2014. The increases reflect a 3.2% RPI increase. The maximum limit on a week’s pay, which is used for basic awards and statutory redundancy payments, increased on 6th April 2014 from £450 to £464 per week. The maximum compensatory award for unfair dismissal claims increased from £74,200 to £76,574. All these new limits apply where the effective date of termination (dismissal date) falls on or after 6th April 2014.
Sarah King, Consultant Solicitor
Posted on Wednesday, 7th May 2014