The Department of Work and Pensions has announced the annual rates increases for 2023/2024 for statutory maternity (SMP), paternity (SPP), adoption (SAP), parental bereavement (SPBP) and shared parental pay (ShPP).
The dates which the new rates are to be implemented from are yet to be confirmed. Historically the rates do not all tend to increase on the same date as each other, however they do all usually come into force in early April.
Employers need to consider the increases for any employees already on sickness absence, maternity, paternity, shared parental or parental bereavement leave in the run up to April 2023 who will be impacted once the rate changes, along with any employees who go on to these types of leave following the new rates being put in place.
The rate for statutory maternity pay, paternity, adoption, parental bereavement and shared parental pay will increase from £156.66 to £172.48 per week. Statutory sick pay is also set to increase from £99.35 to £109.40 per week. To be entitled to these payments, the employee must earn a weekly minimum of £123.00.
If you require any further advice on the above rate changes, please do not hesitate to contact the Employment Team at Glaisyers.