Employment: Pre-judgment interest in discrimination cases reduced
Unlike most other types of claims in the employment tribunals, claimants in discrimination cases can claim interest on losses incurred up to the date of judgment. The interest accrues on a daily basis and is simple, not compounded.
The applicable interest rate in England and Wales is set by the Lord Chancellor. The interest rate was reduced from 6% to 3% on 1 February 2009 and was further reduced to 1.5% on 1 June 2009.
For further information please contact us.
Content is for general information purposes only. The information provided is not intended to be comprehensive and it does not constitute or contain legal or other advice. If you require assistance in relation to any issue, please seek specific advice relevant to your particular circumstances.