Department of Work and Pensions Rate Increase 2023
Reasons to choose Wilson Browne
The Department of Work and Pensions has issued its rate increases which come into effect in April 2023 for the 2023/24 tax year.
The Minimum Wage and National Living Wage will increase as below:
Age 23+ – £10.42 (previous rate £9.50)
Age 21-22 – £10.18 (previous rate £9.18)
Age 18-20 – £7.49 (previous rate £6.83)
Age 16-17 – £5.28 (previous rate £4.81)
Apprentices – £5.28 (previous rate £4.81)
Alongside this the Accommodation Offset will increase from £8.70 to £9.10 per day.
Other increases are:
Statutory sick pay. This will increase from £99.35 per week to £109.40 per week.
Statutory maternity, paternity, adoption, shared parental and parental bereavement pay. This will increase from £156.66 per week to £172.48 per week.
Please be aware of the above changes and any impact that they will have on your budgeting and/or payroll.