Redundancy payments are set to rise from February 2008 following the introduction of new legislation.

The Employment Rights Increase of Limits Order 2007 has been laid before Parliament and this year’s core compensation limit increases are that a week’s pay, the basic award on redundancy payment, will go from £310 to £330 per week with a maximum compensatory award going from £60,600 to £63,000. The new limits apply to dismissals occurring on or after 1 February 2008.