Employment News – New Compensation Limits in force 1st February 2012
1. Limit of a week’s pay for calculating statutory redundancy payments and basic award for unfair dismissal increases from £400 to £430.
2. The maximum compensatory award for unfair dismissal increases from £68,400 to £72,300.
3. The minimum basic award where dismissal was unfair by virtue of Health & Safety, employee representative, trade union or occupational pension trustees increases from £5,000 to £5,300.
4. The above new rates apply where the event giving rise to compensation or payment occurs on or after 1st February 2012; e.g. in the case of unfair dismissal the rates apply to all dismissals where the effective date of termination falls on or after this date.