This new figure for weekly pay will also apply to the basic award in unfair dismissal cases, as well as other compensation payments based on weekly pay.
Employers will also feel the pinch as an inflationary increase in awards for discrimination has been introduced.
The recommended bandings for such awards have also seen an increase this week, with the lower category of injury warranting payments of up to £6,000, and the higher categories up to £18,000 and £30,000 respectively.
Commenting on the legislation, Audrey Williams, partner and head of discrimination law at Eversheds, said: "Employers are facing something of a ‘double whammy' this week, with the statutory rises in redundancy and unfair dismissal compensation, as well as the court recommendations for increased discrimination awards.
"In a recessionary climate and when decisions over staffing are often made under pressure, it is more important than ever for employers to act prudently in effecting dismissals.
"This is emphasised even more strongly with the release of tribunal statistics for last year. The number of unfair dismissal claims has risen by 29 % in the past 12 months. Whereas under better economic conditions they would usually be able to get another job and move on, with bleaker prospects more are inclined to challenge their employer's conduct and decisions through the tribunal system."
