The annual increase in the limits on certain Employment Tribunal Awards has been announced. These will come into effect on 6th April 2014 - the change used to take place on 1st February each year so this time round employment lawyers have been kept in suspense.
The maximum for "a week's pay" for the purposes of calculation of the unfair dismissal Basic Award, Statutory Redundancy Payments and various other things will go up from the user friendly £450 to the much more difficult to multiply without a calculator £464. This means that the maximum possible Basic Award/SRP will be £13920.
The maximum Compensatory Award for Unfair Dismissal increases from £74200 to £76574 (once again hardly a figure that will stick in the mind!) This is subject to there being no limit on the compensation in a discrimination claim and also to the new provision introduced last year limited the Compensatory Award to 52 weeks' pay even if that figure is lower than the maximum.
The daily rate of Guarantee Payments in the event of lay-off (payable for such a short period as to be little more than a token right) increases from £24.20 to £25.00.