Planning for the future – update on rates!

The 2023/24 rates for statutory maternity, paternity, adoption, shared parental and sick pay have been set by the Department for Work and Pensions and will take effect on 2 April 2023.

The rates have been increased by 10% compared with current the statutory entitlements.

Statutory maternity, paternity, adoption, shared parental and parental bereavement pay will increase from the current rate of £156.66 per week to £172.48 per week in 2023/24.

Statutory sick pay will rise to £109.40 per week, up from £99.35 per week.

The weekly earnings threshold a worker must meet to become eligible for statutory parental pay or statutory sick pay will remain the same, at £123 per week.

The annual increase to the minimum and national living wage are as follows:

  • 23+ – £10.42 (previously £9.50)
  • 21-22 – £10.18 (previously £9.18)
  • 18-20 – £7.49 (previously £6.83)
  • 16-17 – £5.28 (previously £4.81)
  • apprentices – £5.28 (previously £4.81)

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