In brief
The government has announced the annual increases to tribunal compensation awards and statutory redundancy payments from 6 April 2024.
Key takeaways
Where a tribunal case relates to a dismissal, the new rates will apply where the effective date of termination falls on or after 6 April 2024.
- The limit on a week’s pay, including for the purpose of calculating statutory redundancy payments or calculating basic or additional awards of compensation for unfair dismissal will increase from GBP 643 to GBP 700.
- The maximum compensatory award for unfair dismissal will increase from GBP 105,707 to GBP 115,115.
For further information on how this affects your business, please get in touch with your usual Baker McKenzie contact.