Significant minimum pay rise may impact employer reward strategies

Employers may need to review their reward strategies! With the proposal of the Low Pay Commission (LPC) for a significant rise in the National Living Wage (NLW) and National Minimum Wage (NMW), low paid employees are set to see rises exceeding 9%! And the future prospect of seeing the NLW starting point drop to 21 … Continue reading Significant minimum pay rise may impact employer reward strategies

Statutory Parental Payment increased by 10.1% from April 2023 to £172.48

Following the governments Autumn Statement on 17th November 2022 and indication that benefits would rise by 10.1%, it has been confirmed that the standard rate for: Statutory Maternity Pay (SMP) Shared Parental Pay (ShPP) Statutory Paternity Pay (SPP) Statutory Adoption Pay (SAP) And Statutory Parental Bereavement Pay (SPBP) will increase from the current £156.66 to … Continue reading Statutory Parental Payment increased by 10.1% from April 2023 to £172.48

Payroll 2023-24: Allowances, Rates and Thresholds from 6 April 2023

Dear IReeN.UK, Following the Autumn Statement of 17 November 2022 we can confirm the following information for payroll 2023-24. Where details are not currently known these are marked as TBA and we will provide further information as soon as we receive it. 2023-2024 Personal Allowance: £12,570PAYE Thresholds: Weekly: £242Monthly: £1,048Standard / Emergency tax code: 1257LTax Code uplifts: … Continue reading Payroll 2023-24: Allowances, Rates and Thresholds from 6 April 2023

Child Care Vouchers – 2023/2024 Basic Earnings Assessment Calculator

This resource is provided kindly by PAYadvice.UK- An employer who provides childcare vouchers to employees are required to undertake an annual Basic Earnings Assessment (BEA) prior to the start of a new tax year to define the tax and NIC free amount of ChildCare Vouchers (CCV) allowed. The rates and limits available are set by … Continue reading Child Care Vouchers – 2023/2024 Basic Earnings Assessment Calculator

Autumn Statement 2022

Dear IReeN.UK, The Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, made his Autumn Statement speech. The Chancellor set out the government’s plan to put public spending on a sustainable footing and get debt falling, while protecting vital public services and prioritising the needs of the most vulnerable. Full details are set out … Continue reading Autumn Statement 2022

National Minimum and Living Wage rise for April 2023

The government states it is committed to ending low pay.  From 1st April 2023, the National Living Wage (NLW) will increase by 9.7% to £10.42 an hour for workers aged 23 and over – the largest ever cash increase for the NLW. This represents an increase of over £1,600 to the annual earnings of a … Continue reading National Minimum and Living Wage rise for April 2023

Chancellor delivers plan for stability, growth and public services

The Chancellor has, Thursday 17th November 2022, announced the Autumn Statement, its aim to restore stability to the economy, protect high-quality public services and build long-term prosperity for the United Kingdom. Chancellor unveils a plan for stability, growth, and public services. Tackling inflation is top of the priority list to stop it eating into paycheques … Continue reading Chancellor delivers plan for stability, growth and public services