Spring changes to statutory rates for employers
As usual, from April, various statutory pay rates (e.g. SMP) will increase.
It is important that employers are aware of, and act in compliance with, the below rates from 5 April 2015 onwards:
Current statutory sick pay (since 6 April 2014) = £87.55
New rates from 5 April 2015 = £88.45
Current statutory maternity, paternity, adoption and shared parental pay* = £138.18
New rates from 5 April 2015 = £139.58
*NB Statutory Shared Parental Leave is new for this year, as Statutory Shared Parental Leave is only available for parents of babies due on or after 5 April 2015.
Furthermore, the limit on a week’s pay for calculating statutory redundancy awards and also the unfair dismissal basic award shall rise from £464 to £475, with effect from 6 April 2015.
The current maximum cap on the unfair dismissal compensatory award is at £76,574 or 52 weeks’ gross pay (whichever is the lower). This limit shall also rise to £78,335 or 52 weeks’ gross pay from 6 April 2015.