The annual increases to Compensation Limits will take effect as always, on 1st February (2013). They apply to dismissals occurring on or after that date. 

The important increases which have just been announced are:-

The maximum compensatory award for unfair dismissal will rise from £72,300 to £74,200.

The maximum on a 'week's pay' for the basic award or statutory redundancy will increase from £430 to £450.

The maximum redundancy payment and basic award will rise from £12,900 to £13,500.