The increases reflect Retail Price Increase inflation of 2.3% (as at September 2014). Key changes are:
- Maximum compensatory award for unfair dismissal increases from £76,574 to £78,335. Claimants whose annual salary is less than this will still have their maximum compensation capped at a year’s pay.
- The statutory limit on a week’s page increases from £464 to £475. As a result the maximum statutory redundancy payment becomes £14,250.
The increased compensation limits will apply where the date triggering the employee claim/cause of action falls on or after 6th April 2015. This means that where notice to terminate is served prior to 6th April but the actual date of termination falls on or after that date the new rates will apply.