New Statutory Payment Rates for 2023-24

National Insurance rates and thresholds and Statutory Payment rates have been confirmed by HMRC for the 2023-24 tax year. Employers should be aware that from April 2023, several statutory payment rates will increase. There has been an increase to the National Minimum Wage and some increases to certain National Insurance contribution thresholds (see below).

The weekly earnings thresholds Lower Earnings Limit (LEL) will remain at £123. The first six weeks of Statutory Maternity Pay (SMP) and Statutory Adoption Pay (SAP) will remain as 90% of the employee’s average weekly earnings. For week seven and the remaining weeks, the statutory weekly rate will be whichever is lower: 90% of the employee’s average weekly earnings or £172.48

For Statutory Paternity Pay (SPP), Statutory Shared Parental Pay (ShPP) and Statutory Parental Bereavement Pay (SPBP) the payment will be whichever is lower: 90% of the employee’s average weekly earnings or £172.48.

For Statutory Sick Pay (SSP) the standard rate will increase to £109.40 per week. The Statutory Redundancy Payment (SRP) will increase to £643 a week. The maximum Statutory Redundancy Payment payable is now £19,290.

Please see some rate details below:

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