As of 6 April 2014, there will be a number of index-linked rises.
With effect from 6 April 2014, the following index-linked rises will apply:
- The limit on a week’s pay for the purposes of statutory redundancy and certain other payments will rise from £450 to £464 per week.
- The cap on the compensatory award for unfair dismissal rises from £74,200 to £76,574. However, claimants whose gross earnings in the employment from which they were dismissed were less than the new limit will still be limited to receiving 52 weeks’ pay as compensation for unfair dismissal. The cap of £464 per week does not apply for this particular purpose.
- The statutory minimum guarantee payment for workers who are laid off or placed on short-time working rises from £24.20 per week to £25.00 per week.
You can find the full list of rates and limits here.