SRP to increase on Thursday
Statutory redundancy pay (SRP) increases by the rate of inflation every February and this year’s increase saw it rise to £350 per year of service. However, unusually, in the last budget the Chancellor increased it again to £380 per week, although he did not specify a date for the implementation. He has now done so and, from 1st October next, the increase will take effect. The measure was introduced to provide greater support to those people made redundant; whether it will do that seems unlikely in most cases, whilst increasing the burden on employers.
This is also the figure that is used for the “Basic Award” in Employment Tribunal cases. It will not increase again in February 2010.
The government now tends to introduce a raft of new measures twice a year – in April and October. I will post again shortly on some of the other measures being brought in.
In the meantime, if you have any queries on any aspect of employment law please contact me at michaelscutt@dalelangley.co.uk or on 0207 464 8433
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[...] Statutory Redundancy Pay will be increased from £350 per week of complete service to £380 (see my earlier post). [...]