2023 / 24 redundancy rates released

21 March 2023

With the financial new year just around the corner, there is very little we don’t know about for the 2023 / 24 tax year. However, the redundancy limits have been announced and so one more thing slots into place.

Set in legislation by statutory instrument, The Employment Rights (Increase of Limits) Order 2023 was laid before parliament on 15 March 2023 and comes into effect on 6 April 2023 for England, Scotland and Wales.

For redundancy, the limit on weekly amount payable to an employee will rise from £571 to £643.

The limit on amount of compensatory award for unfair dismissal will increase from £93,878 to £105,707.

Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.