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Rates and thresholds for employers 2023 to 2024
1. 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 £669 a week. The maximum Statutory Redundancy Payment payable is now £20,070.
See: Rates and thresholds for employers 2023 to 2024 – GOV.UK (www.gov.uk)