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2.—(1) Section 124 of the Employment Rights Act 1996(1) is amended as follows.
(2) In subsection (1) for “£74,200” substitute “the amount specified in subsection (1ZA)”.
(3) After subsection (1) insert—
“(1ZA) The amount specified in this subsection is the lower of—
(a)£74,200, and
(b)52 multiplied by a week’s pay(2) of the person concerned.”.
1996 c. 18. Section 124(1) was amended by S.I. 2012/3007 and section 124(1A) was inserted by the Employment Relations Act 1999 (c.26), section 37(1).
For these purposes a week’s pay falls to be calculated in accordance with Chapter 2 of Part 14 of the Employment Rights Act 1996 (c.18).
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