In April of each year, the Government announce changes to statutory payments such as Sick Pay, Maternity Pay and the National Minimum Wage. May will also see an additional Bank Holiday for the Coronation of HM The King. April is the time for employers to reflect on how they will manage this in their businesses.
Statutory Rates Changes
In April of each year, the Government announce changes to statutory payments such as Sick Pay, Maternity Pay and the National Minimum Wage. The main changes from 1st April this year are:
- An increase in the National Living Wage to £10.42
- An increase in Statutory Sick Pay to £109.40 per week
- An increase in Maternity Pay to £172.48 per week
Additional Bank Holiday
2023 also sees, for the second year in a row, the introduction of an additional nationwide bank holiday on 8th May 2023 for the King’s Coronation. The impact that this will have on employers will vary dependent on the way that their employees’ contracts of employment are worded.
Read more at: Statutory Rate Changes & Coronation Bank Holiday (cxcs.co.uk)
