In amongst the chaos of Brexit, there is one update from the Government that we knew was on the agenda- changes to the statutory pay rates. Every year in April there are rate increases for certain statutory pay entitlements in line with the consumer price index.
There had been speculation that the statutory pay rate changes, which are always published this time of year, may well have a delayed publication date due to Brexit; however, this was not the case in the end.
Price Bailey have produced a handy summary of the key minimum statutory rates that you will have been waiting for, which will be brought into force in April 2019.
Having sight of the revised statutory pay rates from March is advantageous as it allows you time to prepare amendments to any policies and other documentation on family-friendly benefits, to plan your budgets for 2019/20 and to make sure payroll is prepared so you don’t get caught out.
The statutory pay rates affect not only the minimum wage for all ages but also rates of pay for family-friendly benefits, pension contributions and compensation limits. Have a read through the table below for details of the new rates.
You can download your own copy of the rates here.
If you are an employer, this is the perfect time to do a bit of housekeeping and review the rates that are in place at your Company or Institution. This time of year is an opportunity to make any necessary contract and policy updates to make sure that everything is in line with the current national requirements and should you need any help or guidance please do contact us here at Price Bailey.
We always recommend that you seek advice from a suitably qualified adviser before taking any action. The information in this article only serves as a guide and no responsibility for loss occasioned by any person acting or refraining from action as a result of this material can be accepted by the authors or the firm.
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