The national living and minimum wage, national insurance, SSP, and other increases will arrive in April of this year.
Employers National Insurance will increase to 15% together with a reduction in the earnings thresholds to attract NI which moves down to £5000 per annum although the ‘employment allowance’ will increase to £10,500.
From April, the National Living Wage (for 21 years or over) will increase to £12.21.
The National Minimum Wage will increase by c.16% (!), giving 18-20-year-olds a rate of £10 per hour.
The Apprentice rate for under 18’s increases too, up to £7.55 per hour - that’s a c. 18% jump!
Statutory Maternity Pay, Maternity Allowance and Statutory Paternity Pay together with Shared Parental Leave Pay move to £187.18.
The lower earnings limit increases to £125.
Statutory Sick Pay goes up to £118.75.