On 28 November 2022, the Department of Work and Pension (DWP) published its annual rate increases for 2023/24. All of the new rates will take effect on or around the start of the tax year on 6 April 2023.
What are the new rates?
The increased rates affecting employers are as follows:
- Statutory sick pay will increase from £99.35 in 2022/23 to £109.4 in 2023/24.
- Statutory Maternity Pay, Paternity Pay, Adoption Pay, Shared Parental Pay, and Parental Bereavement Pay will also each increase from £156.66 to £172.48.
- The minimum weekly amount an employee needs to earn to qualify for these will remain at £123.
The National Living Wage (for those aged 23 and over) and the National Minimum Wage (for those of at least school leaving age) will increase according to the table below:
| Age/Position | NMW/NLW | |
| - | 2022/23 | 2023/24 |
| 23 and over | £9.50 | £10.42 |
| 21 to 22 | £9.18 | £10.18 |
| 18 to 20 | £6.83 | £7.49 |
| Under 18 | £4.81 | £5.28 |
| Apprentice | £4.81 | £5.28 |
The Accommodation Offset will also increase from £8.70 per day (£60.90/week) to £9.10 per day (£63.70/week).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.