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 £643 (£669 in Northern Ireland) a week. The maximum Statutory Redundancy Payment payable is now £19,290 (£20,070 in Northern Ireland).  Redundancy pay up to £30,000 is tax-free.

See: Rates and thresholds for employers 2023 to 2024 – GOV.UK (www.gov.uk)

If we manage your payroll for you, we take care of the rate changes automatically.  To find out more about our payroll services, please contact Julie Hunter on 0131 317 7377 or email Julie.hunter@jsca.co.uk