The Employment Rights (Increase of Limits) Order 2014 has been published and confirms the annual changes to compensation limits which are as follows:
- An increase in the maximum Compensatory Award for unfair dismissal from £74,200 to £76,574 albeit the cap of one years pay remains, such that the lesser of the two applies.
- An increase in the maximum amount of a week’s pay from £450 to £464. This maximum is used to calculate statutory redundancy payments as well as the basic and additional awards for unfair dismissal.
These new limits come into force on the 6th April 2014
27th February 2014