The Government has announced that some increases to the amounts that the Employment Tribunal can award.
These will take effect from 6th April 2015 for causes of action arising on or after that date (e.g. the date of dismissal.)
The maximum for a "week's pay" for the purposes of the Unfair Dismissal Basic Award or the calculation of a Statutory Redundancy Payment will go up from £464 to £475. This means the largest potential Basic Award or SRP will increase from £13,920 to £14250 (and, as an aside, £475 is easier to multiply for the purposes of mental arithmetic than £464!)
The maximum Compensatory Award will increase from £76,574 to £78,335 although this will be largely academic for the vast majority of Claimants given that the maximum is already capped at 52 weeks' gross pay if this is lower than the figure above, which for most people it will be.
Employers should not forget that damages for discrimination and certain other claims are not subject to the statutory cap!