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Changes to the Statutory Limit on a Week’s Pay

Employees who are made redundant as a result of insolvency can make a claim to the National Insurance Fund for redundancy pay, arrears, holiday pay and unpaid statutory notice pay. 

The payments made are subject to statutory limits, since 1 February 2013, this has been a maximum of £450 a week.  The Employment Rights (Increase of Limits) Order 2014 will raise the limit to £464 with effect from 6 April 2014.

these claims are processed by the Redundancy Payments Office in a much shorter timescale (generally 3-6 weeks) than if the employees had to wait for the assets of their employer to be realised before they could be paid (if there are even sufficient assets to pay the employees anything at all).

An employee who earns more than the statutory limit can make a separate claim in the insolvency proceedings.  If you want to calculate how much redundancy pay you might be due, go to the government website:  https://www.gov.uk/calculate-your-redundancy-pay.  For more information about employee claims, contact Dodd Rescue.

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