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New Compensation Limits – Effective April 2015
New Compensation Limits 2015
The Government has published details of the new compensation limits – annual increases to statutory redundancy pay and the amount of compensation that employment tribunals can award for unfair dismissal, which will take effect from 6 April 2015.
From 6 April 2015 the maximum amount, for a week’s pay, for the purpose of calculating a statutory redundancy payment increases from £464.00 to £475.00. The maximum unfair dismissal compensatory award rises from £76,574.00 to £78,335.00. Compensation for discrimination, as always, remains unlimited.
The maximum amount of a week’s pay for calculating the basic award of compensation for unfair dismissal will also rise to £475, from the current £464, for dismissals that take effect on or after 6 April 2015.
The annual increases used to be implemented on 1 February each year, but from 2014, the annual date of increase was changed to 6 April.
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