Each year at around this time the Government announce the latest increase in tribunal limits. These apply to events on or after the 1st February 2008. This increase is a result of a simple exercise in applying inflation to the old figures. The Government’s own explanation states that ‘this Order increases [the limits], in line with the increase in the retail prices index between September 2006 and September 2007 (+3.9%)’.
The two most important increases are that the limit on amount of compensatory award for unfair dismissal increases from the current £60,600 to £63,000. Secondly, the maximum amount of ‘a week’s pay’ for the purpose of calculating a redundancy payment or for various awards including the basic or additional award of compensation for unfair dismissal increases from the current £310 to £330. The changes take effect when the effective date of termination of employment is on or after 1st February 2008.
THIS NEWS ITEM IS NOW OUT OF DATE AS THE RATES HAVE BEEN UPDATED AGAIN - PLEASE SEE LINK BELOW FOR CURRENT RATES