The Government has set out the new statutory rates which will apply to compensation and other amounts payable under employment legislation. These rates are currently being considered by Parliament.
Changes include:
- The cap on a weeks’ pay for statutory redundancy pay calculations will increase from £700 to £719.
- The limit on compensatory awards for unfair dismissal will increase from £115,115 to £118,223
- Statutory guarantee pay will increase from £38 to £39 per day
If approved, the changes will take effect from 6 April 2025.
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