As April gets closer, make sure you are up to date with the changes in minimum wage rates and other statutory payments for the tax year 2023/2024.
It is not long until April, and of course for anyone involved in HR or employing people, knowing the annual change in rates for the National Living Wage and other statutory payments is vital. Below we outline some of what you need to know:
National Living Wage
From 1 April 2023, the National Living Wage (NLW) will increase from £9.50 per hour to £10.42.
|The National Living Wage (NLW) and National Minimum Wage (NMW) from 1 April 2023 are:|
|Current Rate £
(1.4.2022 to 31.3.2023)
|National Living Wage||9.50||10.42|
|21-22 year old rate||9.18||10.18|
|18-20 year old rate||6.83||7.49|
|Aged under 18
(but above compulsory school leaving age)
|Apprentice aged under 19||4.81||5.28|
|Apprentice aged 19 and over, but in the first year of their apprenticeship||4.81||5.28|
Apprentices are entitled to the apprentice rate if they’re either:
- aged under 19
- aged 19 or over and in the first year of their apprenticeship
Apprentices are entitled to the minimum wage for their age if they both:
- are aged 19 or over
- have completed the first year of their apprenticeship
Statutory Pay for Parents
From April 2023, Statutory Maternity Pay (SMP) after the standard six weeks of 90% of pay is £172.48 or 90% of the employee’s average weekly earnings, whichever is lower. Note the same rate also applies to Statutory Paternity Pay and Statutory Adoption Pay.
Statutory Sick Pay
From April 2023 Statutory Sick Pay (SSP) will increase to £109.40 per week. How much you need to pay an employee depends on the number of qualifying days they normally work each week and how many days they were off sick.
Further information can be obtained from the government website or by following this link https://www.gov.uk/guidance/rates-and-thresholds-for-employers-2023-to-2024
If you would like to discuss this subject further, please contact Cecily Lalloo at Embrace HR Limited.
T: 01296 761288 or contact us here.
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Based in Aylesbury, Buckinghamshire, Embrace HR Limited provide a specialised HR service to the care sector, from recruitment through to exit.