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Episode 19: Labour's Autumn Budget 2024 – What Are The Implications for Settlement Agreements?
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Your Settlement Agreement Solicitor, Geoffrey Caesar, breaks down Labour’s Autumn Budget 2024 and its potential impact on settlement agreements and employment law. The episode explores key updates, including increased funding for workplace dispute resolution, stricter redundancy consultation requirements, and higher penalties for non-compliance with employment standards. These changes could make mediation a more prominent step in dispute resolution and encourage employers to settle sooner to avoid fines, providing employees with greater leverage in negotiations.
Geoffrey also touches on the unchanged £30,000 tax-free threshold for settlement payments, noting potential future tax reforms that could affect how settlements are structured. For employees, he advises carefully evaluating offers, considering mediation options, and leveraging the heightened compliance penalties for a better outcome.
Listeners are guided on navigating settlement agreements under the new budget policies, with insights on maximising negotiation advantages and securing fair terms in an evolving legal landscape.
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