Dowson,
PEEQ is the ABAQUS parameter name for the equivalent plastic strain. Essentially it's a scalar measure of all the components of equivalent plastic strain at each position in the model, somewhat like Von Mises stress is a scalar measure of the shear stress at a point.
I'm not sure what you mean by "used 0.24 as the criteria". Have they supplied you with contour plots showing a maximum value of PEEQ as 0.24? Anyway, 0.24 is a plastic strain of 24%.