New rates for statutory employment payments in the UK
20 December 2022 | Applicable law: England and Wales | 1 minute read
On 28 November 2022, the Department of Work and Pension (DWP) published its annual rate increases for 2023/24. All of the new rates will take effect on or around the start of the tax year on 6 April 2023.
What are the new rates?
The increased rates affecting employers are as follows:
- Statutory sick pay will increase from £99.35 in 2022/23 to £109.4 in 2023/24.
- Statutory Maternity Pay, Paternity Pay, Adoption Pay, Shared Parental Pay, and Parental Bereavement Pay will also each increase from £156.66 to £172.48.
- The minimum weekly amount an employee needs to earn to qualify for these will remain at £123.
The National Living Wage (for those aged 23 and over) and the National Minimum Wage (for those of at least school leaving age) will increase according to the table below:
|23 and over||£9.50||£10.42|
|21 to 22||£9.18||£10.18|
|18 to 20||£6.83||£7.49|
The Accommodation Offset will also increase from £8.70 per day (£60.90/week) to £9.10 per day (£63.70/week).
If you have any queries on how this might affect you, please get in touch with our team.
For further information, you can visit the following pages:
UK Government: Benefit and pension rates 2023 to 2024
UK Government: National Minimum Wage and Living Wage