As a business owner with employees are you aware that from April 2023 the National Minimum Wage and several statutory payment rates increased for the 2023-24 financial year?
Detailed below updates:
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.
Statutory Redundancy Payment Cap
From Thursday 6 April 2023, the Statutory Redundancy Payment cap was increased to £643 a week. The maximum Statutory Redundancy Payment payable is now £19,290.
National Minimum Wage
From 1 April 2023, the National Minimum Wage rates changed.
Age 23 and over £10.42
Age 21 to 22 £10.18
Age 18 to 20 £7.49
Under 18 £5.28
Apprentice £5.28
(special rules apply to apprentice workers)
Further information can be found on the GOV.UK website on the following links:
