Related Posts
The Department for Work and Pensions has now published its annual rate increases for 2023/2024. Exact dates of implementation are yet to be confirmed, although consistent with previous years they are likely to increase on different dates during the first week or so of April 2023.
The annual increase to the minimum wage and national living wage will increase as follows:
- National Living Wage – aged 23 and above – £10.42 (previously £9.50)
- Minimum Wage:
- Ages 21-22 – £10.18 (previously £9.18)
- Ages 18-20 – £7.49 (previously £6.83)
- Ages 16-17 – £5.28 (previously £4.81)
- Apprentices – £5.28 (previously £4.81)
The Accommodation Offset will increase from £8.70 to £9.10 per day.
The rate for statutory maternity pay, paternity pay, adoption pay, shared parental pay and parental bereavement pay will increase from £156.66 to £172.48 per week. The minimum weekly amount an individual must earn to be entitled to these payments will remain at £123.
Statutory sick pay will also increase from £99.35 to £109.40 per week.
Employers who have employees on sickness absence, maternity leave or are otherwise in receipt of any of these statutory entitlements in the lead up to April 2023 will need to budget for the increase in rates, as will those who expect employees to be entitled for the first time after the new rates are in place.
Please get in touch if you have any questions regarding the issues discussed in this article.
E: help@jma-hrlegal.co.uk / T: +44 (0)1252 821792
Recent Comments