The Department for Business, Innovation and Skills (BIS) has set new compensation limits which will come into effect from 1 February 2012. These will apply where the event giving rise to the compensation occurred on or after 1 February 2012.
The key changes are:
- Increase on the limit for a week's pay for calculating statutory redundancy pay, unfair dismissal basic award etc to £430 (currently £400).
- Unfair dismissal maximum compensatory award increased to £72,300 (currently £68,400).
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