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Torque Law E-Alert - Are you aware that the Redundancy Cap has increased? - Torque Law Skip to content

Advice For Employers & HR Professionals

Statutory limit on a week’s pay to increase to £700 from April 2024

The new rates and limits for dismissals effective on or after 6 April 2024 have been announced. 

With a new limit of £700 for a week’s pay, long-serving employees who are made redundant after 6 April 2024, will be entitled to a statutory redundancy payment of up to £21,000.

The revised limits sees the maximum compensation award for ‘ordinary’ unfair dismissal claims rise to £115,115, an easier figure to remember than its predecessor (£105,707).

For full details of the revised statutory limits effective April 2024, please check out our updated rates & limits card for details.  Please note that the revised bandings for injury feelings awards are yet to be released, but we will issue a further update in the next few weeks, once they are known.

 

 

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