New Statutory Payment Rates For 2023-24
New rates for statutory payments in force from April 2023.
Employers should be aware that from April 2023 a number of 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 increase from £156.66 to £172.48 per week.
Statutory Sick Pay
From Thursday 6 April 2023, Statutory Sick Pay will increase 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 will be limited to £669 a week. The maximum Statutory Redundancy Payment payable will be £20,070.
Rates and thresholds for employers 2023 to 2024
Source: nibusinessinfo.co.uk
