The new statutory pay amounts have been announced. Such rates are now CPI linked so the rise will be of little surprise to those who pay keen interest to the economy.
Parental pay rates – including maternity, shared parental and adoption – have risen from £140.98 to £145.18, whilst sick pay has gone up £89.35 to £92.05. The lower weekly earnings limit to be entitled to SSP will now be £116 up from £113.
The rates will be active from April to 2018 and are published in advance so businesses can set their budgets accordingly.