As you may know, many types of employment law compensation are based upon the individual's weekly pay (for example, the basic award in an unfair dismissal claim, the amount of statutory redundancy pay and the compensation awarded if an employer fails to provide the individual with written particulars of their employment). However, there is a cap on such weekly pay - currently £525 per week. From 6 April 2020, this will increase to £538.
There are also other limits, such as a cap on the amount of the compensatory award in a successful ordinary unfair dismissal claim. Currently the maximum amount that a Tribunal can award is £86,444, but this will rise to £88,519 from 6 April too. However, do note that there is an ultimate limit of one year's remuneration so this cap will only apply to higher earners.
If a tribunal decides you have been unfairly dismissed, you will get compensation which is made up of: a basic award, which is a fixed sum and calculated to a statutory formula a compensatory award, which is to compensate you for the actual money you have lost as a result of losing your job.