Spring cleaning: time for a policy update?
It has been a busy month (and for many the end of the financial year), but as we pause to take breath at the end of it and with finances still in mind, here is a recap of some of the changes to the current rates and limits in employment law (as of 6 April 2014):
- The maximum amount of a week’s pay for the purposes of calculating statutory redundancy payments and the basic award for unfair dismissal (among others) increased to £464.
- The maximum amount payable by way of statutory redundancy payment or basic award for unfair dismissal therefore increased to £13,920.
- The maximum compensatory award for unfair dismissal increased to £76,574 or a year’s gross pay, whichever is the lower. Note, this rate will now be increased on 6 April each year, rather than 1 February as previously.
- The prescribed rate for statutory maternity, adoption and paternity pay (as well as maternity allowance) increased to £138.18 per week.
- Statutory sick pay increased to £87.55 per week.
It might be worth checking over any applicable policies to ensure they are up-to-date as well as alerting team members to the new figures.