The Welfare Benefits Up-rating Order 2014 (SI 2014/147) has updated the following benefits from 6 April 2014:
- Statutory Sick Pay from £86.70 to £87.55
- Statutory Maternity, Adoption and Paternity (including Additional Paternity) Pay from £136.78 to £138.18
In previous years, changes to the statutory redundancy payment cap (currently £450 per week for each year of service) and the unfair dismissal compensation cap (currently the lower of 12 months’ net pay or £74,200) have come into effect on 1 February. However this date has been put back to 6 April and we await confirmation of what the new rates will be. We will report those rates in a future edition of this update.
Finally, the National Minimum Wage (Variation of Financial Penalty) Regulations 2014 were published on 15 January 2014. Although the exact implementation date is not known it is expected that this month (February) the fine for employers who do not pay the national minimum wage, will increase from £5,000 to £20,000.
For further advice, please call us on 01483 543210 or alternatively email email@example.com