Annual Increase In Employment Tribunal Compensation Limits From 6 April 2024

The government has announced the annual increases to employment tribunal compensation limits and statutory redundancy payments. The new limits will apply where the relevant termination date is on or after 6 April 2024.

The most notable new rates are:

  • The limit on ‘a week’s pay’, used to calculate the basic award for unfair dismissal and a statutory redundancy payment, will increase from £643 to £700. This means that the maximum basic award and statutory redundancy payment will be £21,000.
  • The maximum compensatory award for unfair dismissal claims will increase from £105,707 to £115,115.

The new rates are particularly relevant for any employers who are considering a workforce restructure and for individuals facing potential redundancy.

Jones Chase is a specialist employment law firm based in the centre of London with an excellent track record of looking after those who we assist.

If you have any questions about the employment tribunal limits or would like to understand how these increases might impact you or your business, please contact a member of the team.

Drop us a line at info@joneschase.com – 0203 837 9914 or visit http://www.joneschase.com