New rates

Posted on 18 March 2016

In with the new, in with the old

A statutory 'week's pay' (the amount used to calculate a number of entitlements, including statutory redundancy pay) will increase on 6 April 2016 from £475 to £479, in line with the Retail Price Index.

The cap on compensation for unfair dismissal has been increased by the same proportion, to £78,962. 

The current levels of basic statutory maternity, shared parental and adoption pay (i.e. after the first six weeks of leave), as well as statutory paternity pay, are frozen at £139.58 per week for 2016/17. 

Statutory sick pay will also remain at £88.45 per week. 

The new mandatory National Living Wage for those aged 25 and over is being introduced on 6 April.  It will be £7.20 per hour.  The new National Minimum Wage rates, coming in next October, were also announced in this week's budget.  They are:                                

21 to 24 year olds:                   £6.95 per hour (up from £6.70)

18 to 20 year olds:                   £5.55 per hour (up from £5.30)

16 to 17 year olds:                   £4.00 per hour (up from £3.87)

Apprentices:                             £3.40 per hour (up from £3.30)

Accommodation offset:             £6.00 a day (up from £5.35)

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