Increase in Limits Order - Redundancy pay increasing
by Liam
The increase in limits order due to come in to force, as always, on 1 February has been published http://www.opsi.gov.uk/si/si2008/uksi_20083055_en_2
The amount of a week’s pay for redundancy pay calculation purposes (as well as for basic award calculations and certain other statutory purposes) will jump up by £20 per week. This is the same increase as the past couple of years, which is double that of previous years - historically a week’s pay over the past 5 years has been £270, £280, £290, £310 and £330. We still have not seen the one off increase unrelated to inflation that can be made by regulations (which regular atendees at PJH Law’s annual updates will know all about)…….will this larger increase come before the current economic downturn is over, particularly bearing in mind that the Secretary of State picks up the tab for redundancy pay (and some other amounts capped at a week’s pay) where employers are insolvent?
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