Change of date for increase to statutory rates
It’s now official: nothing exciting happens in February…
We have become used to the statutory rates of a week’s pay for calculating redundancy payments and the basic award in unfair dismissal claims, as well as the maximum compensatory award in unfair dismissal claims being increased annually on 1 February.
From this year that date is now changing to 6 April. This will give anyone who is under pressure to make redundancies before the rate increase a bit more breathing space.
The change is thanks to a provision of the Enterprise & Regulatory Reform Act 2013, which you may have missed, and will bring these rates in line with other statutory rates, such as maternity pay and sick pay, which have traditionally been increased on 6 April.