It’s April and that means increases to the financial thresholds for various employment law calculations – including a week’s pay for statutory redundancy payments.
You can see all the changes in our ‘Facts and Figures’ section on Employmentbuddy but here’s a helpful round up of some of the key changes:
From 1 April 2022
The National Living Wage (which applies to workers aged 23 and over) increases to £9.50 per hour.
The National Minimum Wage increases to:
- £9.18 for 21 to 22 year olds
- £6.83 for 18 to 20 year olds
- £4.81 for 16 and 17 year olds
- £4.81 for apprentices
From 3 April 2022
The weekly rate of pay in calculations for Statutory Maternity, Paternity, Adoption, Shared Parental and Parental Bereavement Pay increases to £156.66
From 6 April 2022
The limit on a week’s pay increases to £571. This figure is used in the calculation of statutory redundancy payments and the basic award for unfair dismissal, where the effective date of termination is on or after 6 April 2022.
In addition to changes in the basic award calculation above, the maximum compensatory award for unfair dismissal will now be the lower of 12 months’ salary or £93,878.
From 11 April 2022
The standard rate for statutory sick pay calculations increases to £99.35.
For further help with applying these changes to your organisation, please contact our employment team.