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Watch out for April’s rate changes

Posted
March 4, 2024
Employment Law

April is the time of year at which important employment law rate changes are normally made. Read on to find out more about the changes we can expect to see next month.

What's happening to the National Minimum Wage?

With effect from 1 April 2024, NMW rates will increase as follows:

  • ‘National Living Wage’ (21 and over) increases to £11.44 per hour;
  • The NMW for those aged 18 to 20 increases to £8.60 per hour;
  • The NMW for those aged under 18 increases to £6.40 per hour; and
  • The NMW for apprentices also increases to £6.40 per hour.

It is important to note that when the new rates come in, the right to receive the ‘National Living Wage’ will be extended to those aged 21 (rather than 23) and over.

Other important rate changes

While we’re on the subject of rates changes, in relation to dismissals occurring on or after 6 April 2024:

  • the maximum ‘Compensatory Award’ for unfair dismissal rises from £105,707 to £115,115; and
  • the limit on a week's pay for statutory redundancy payment (SRP) purposes rises from £643 to £700, which means that the maximum SRP will be £21,000.

Also with effect from 8 April 2024, the basic rate at which Statutory Sick Pay is paid will increase from £109.40 per week to £116.75 per week and the flat rate at which statutory maternity pay is paid will increase from £172.48 per week to £184.03 per week.

Want to know more?

If you need further advice on any of these changes and how they may impact on you or your business, please get in touch.

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