- with readers working within the Insurance industries
Employment rates and limits are updated annually and this year brings some important changes, some of which are mentioned below.
National minimum wage
As of 1 April 2024, the national living wage for workers aged 21 and over increases from £10.42 per hour to £11.44 per hour.
The standard minimum wage rate for younger workers aged 18 to 20 rises from £7.49 to £8.60 per hour.
National Minimum Wage now also applies to domestic workers such as nannies and au pairs.
Compensation in the employment tribunal
As of 6 April 2024, the limit for compensation that can be awarded for unfair dismissal increases to £115,115, which is up from last year's £105,707.
The limit on a week's pay used for calculating statutory redundancy pay and the unfair dismissal basic award has also been increased from £643 to £700.
The Vento Scale provides guidance in relation to how a claim for injury to feelings is to be valued. These compensation bands also saw an increase as follows:
I. The lower band now attracts an award between £1,200 and £11,700 (increasing from £1,100 to £11,200) for less serious cases.
II. The middle band now attracts an award between £11,700 and £35,200 (increasing from £11,200 to £33,700) for cases which do not merit an award in the upper band.
III. The upper band now attracts an award between £35,200 and £58,700 (increasing from £33,700 to £56,200) for the most serious cases.
Amounts in excess of £58,700 can be awarded but only in the most exceptional cases.
Statutory payments
As of 8 April 2024, statutory payments have been increased. Statutory maternity, adoption, paternity, shared parental and parental bereavement pay has increased from £172.48 to £184.03 per week.
Statutory sick pay also rises from £109.40 to £116.75 per week.
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.
