The new financial year is upon us, with new rates abound. Below are some of the key rates for you to know as we spring into the new financial year.
April 2023 April 2022
National Living Wage per hour for adults £10.42 £9.50
23 years old and over
National Minimum Wage per hour for adults £10.18 £9.18
between 21-22 years old
National Minimum Wage per hour for adults £7.49 £6.83
between 18-20 years old
Statutory Sick Pay (SSP) per week £109.40 £99.35
Statutory Maternity Pay (SMP) per week £172.48 £156.66
Statutory Paternity Pay (SPP) per week £172.48 £156.66
Statutory Shared Parental Pay (ShPP)per week £172.48 £156.66
Statutory Adoption Pay (SAP) per week £172.48 £156.66
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Statutory Parental Bereavement Pay £172.48 £156.66
(SPBP) per week
The increased Statutory Sick Pay will commence on 6 April 2023, and all other increased rates will come into force from 1 and 2 April 2023.
It is important employers pay all members of staff the correct rates of pay and apply them correctly to their respective age bands. It will be deemed unlawful to pay members of staff less than the applicable minimum wage.
If you have any questions regarding the statutory pay increases and their application, do not hesitate to contact us here at Lawgistics.
