By Paula Fisher
December 7th 2022
By Paula Fisher
December 7th 2022
Further to the recent announcement that the government will increase the National Living Wage by 9.7% from the 1st April 2023, the Department for Work and Pensions has now published its annual rate increases for 2023/2024, which show the largest ever increases in ‘family friendly’ rates and also, for statutory sick pay.
The rate for statutory maternity, paternity, adoption, shared parental and parental bereavement pay will increase to £172.48 per week (previously £156.66) and the rate for statutory sick pay will increase to £109.40 per week (previously £99.35).
The lower earnings limit (LEL), below which employees do not qualify for these statutory payment rates, will remain unchanged at £123 per week.
The Department for Work and Pensions have not included any dates from when these will be effective from. However, in past years the increases to SSP always take effect from the start of a new tax year, i.e. 6 April 2023, and the increases to SMP, SAP, SPP, ShPP and SPBP tend to take effect from the first Sunday in April, which next year is Sunday, 2 April 2023.
The maximum amount of a week’s pay for the purposes of calculating statutory redundancy pay has yet to be announced.
For further general HR guidance and information, and HR templates, please visit www.yourhr.guide.
Fiona Haworth
You can contact Fiona on [email protected].
If you feel that you need guidance or advice on this matter, please call Practical HR on 01702 216573 or email Fiona on the above.