ARTICLE
17 April 2024

New Employment Rates & Compensation Limits

LG
L&E Global

Contributor

L&E Global is spanning the globe and our member firms are ideally situated to provide clients with pragmatic, commercial advice necessary to achieve their objectives, wherever they operate. L&E Global’s members work closely with corporate, legal, human resources departments and corporate executives across a variety of sectors and industries to address the strategic and tactical issues that arise in the workplace
The new limits for unfair dismissal awards and redundancy pay are...
UK Employment and HR
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The new limits for unfair dismissal awards and redundancy pay are:

  • The limit on a week's pay, for the purposes of calculating statutory redundancy and compensation for unfair dismissal, increases to £700 (from £643)
  • The maximum unfair dismissal compensatory award increases to £115,115 (from £105,707)
  • The maximum statutory redundancy payment and unfair dismissal basic award increases to £21,000 (from £19,290)

These new limits will apply where the effective date of termination falls on or after 6 April 2024.

Other statutory rate increases include:

  • National Minimum Wage – hourly rate (for age 23+) increases to £11.44 (from £10.42) on 1 April 2024.
  • Statutory sick pay increases to £116.75 per week (from £109.40) on 8 April 2024.
  • Family leave pay (statutory maternity, adoption, paternity and shared parental pay) increases on 8 April 2024 to £184.03 per week (from £172.48) or 90% of the employee's average earnings, whichever is lower.

Rates and thresholds for employers 2024 to 2025

The Employment Rights (Increase of Limits) Order 2024

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

ARTICLE
17 April 2024

New Employment Rates & Compensation Limits

UK Employment and HR

Contributor

L&E Global is spanning the globe and our member firms are ideally situated to provide clients with pragmatic, commercial advice necessary to achieve their objectives, wherever they operate. L&E Global’s members work closely with corporate, legal, human resources departments and corporate executives across a variety of sectors and industries to address the strategic and tactical issues that arise in the workplace
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