The Order includes the following new figures:
- The limit on a week's pay increases from £643 to £700.
- The maximum compensatory award for unfair dismissal increases from £105,707 to £115,115.
- The minimum basic award for certain unfair dismissals (including health and safety dismissals) increases from £7,836 to £8,533.
Statutory rates for family leave and sickness take effect on 7 April 2024, and will increase as follows:
|
|
Current rate |
New rate from 7 April 2024 |
|
Statutory maternity, adoption, shared parental and paternity pay |
£172.48 |
£184.03 |
|
Statutory sick pay |
£109.40 |
£116.75 |
What this means for employers
Employers who are planning to make redundancy payments on or after 6 April 2024 will need to factor the increase in a week's pay into their calculations. These new figures will also be relevant for employers who are trying to settle any existing or potential claims on or after 6 April 2024.
