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The government has announced the annual adjustments to compensation limits for employment tribunal awards and various statutory payments. The changes are subject to parliamentary approval and are scheduled to take effect from 6th April 2024.
Maximum Compensatory Award for Unfair Dismissal
This has been raised from £105,707 to £115,115.
Limit on a Week’s Pay
This is raised from £643 to £700. This increase has implications for various calculations related to employment, including statutory redundancy payments and certain tribunal awards.
Basic Award
The minimum basic award for certain forms of unfair dismissal rises from £7,836 to £8,533.
Statutory guarantee pay
This increases from £35 to £38 per day, offering greater support to employees during periods of layoff or short-time working.
Please get in touch if you have any questions regarding the issues discussed in this article.
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