New statutory rates come into force in April 2023, and they include increases to the limits on a week’s pay for the purposes of calculating redundancy payments, sick pay, maternity, paternity and other family-friendly rates of pay and rises to the national minimum wage. Our Employment team has produced a key factsheet for employers, detailing everything you need to know about these new figures.
With effect from 6 April 2023, the maximum compensatory award for unfair dismissal will rise to £105,707 (from £93,878).
The limit on a week’s pay will rise to £643 (from £571) for the purposes of calculating the basic award for unfair dismissal and redundancy payments.
From 3 April 2023 maternity, paternity, adoption, shared parental and parental bereavement pay will rise to £172.48 (from £156.66) per week.
Statutory sick pay will rise to £109.40 (from £99.35) with effect from 6 April 2023.
The National Minimum Wage increases from 1 April 2023 will be as follows:
|
Category of worker |
Hourly rate |
|
Aged 23 and above (national living wage rate) |
£10.42 |
|
Aged 21 to 22 inclusive |
£10.18 |
|
Aged 18 to 20 inclusive |
£7.49 |
|
Aged under 18 (but above compulsory school leaving age) |
£5.28 |
|
Apprentices aged under 19 |
£5.28 |
|
Apprentices aged 19 and over, but in the first year of their apprenticeship |
£5.28 |
Please click here to download the guide.
Should you have any queries on the above or require any employment related advice, please contact Helen Crossland at [email protected] or on 020 7725 8034.