From the beginning of February, the limits for certain employment tribunal awards and other payments governed by employment legislation will be increased.
As a result, when an event resulting in compensation or payment occurs on or after 1st February, the:
- Pay cap for calculating statutory redundancy payments and the basic award for unfair dismissal will be £450 a week
- Maximum compensatory award for unfair dismissal will be £74,200
- Maximum guarantee pay per day will be £24.20
- Minimum basic award for unfair dismissal due to health and safety, employee representative, trade union or occupational pension trustee reasons will be £5,500
If the event occurs before the beginning of February, the old rates will apply, even if the compensation is awarded after the new limits have come into force.