Rates and thresholds for employers 2023 to 2024

Employers should be aware that from April 2023 several statutory payment rates increase for the 2023-24 financial year.

Statutory Maternity, Paternity, Shared Parental and Adoption Pay

From Sunday 2 April 2023, Statutory Maternity Pay, Statutory Paternity Pay, Statutory Shared Parental Pay, Statutory Adoption Pay and Statutory Bereavement Pay all increased from £156.66 to £172.48 per week.

Statutory Sick Pay

From Thursday 6 April 2023, Statutory Sick Pay increased from £99.35 to £109.40. The lower earnings limit remains at £123.

Statutory Redundancy Payment

From Thursday 6 April 2023, the Statutory Redundancy Payment was limited to £669 a week. The maximum Statutory Redundancy Payment payable is now £20,070. See: Rates and thresholds for employers 2023 to 2024 – GOV.UK (www.gov.uk)

For further information on this or other payroll services, please contact James Alesbury on 023 8046 1222.