2024 Rate Changes – in Employment Law

The annual changes which apply from April 2024.

There are staggered effective dates.

The rates that you should be aware of are set out below.

1.4.24 – National Minimum Wage (NMW)

The NMW Standard Rate from 1.4.24 will be deleted.  The National Living Wage is expanded to include those aged 21(+).

See previous blog for full rate changes https://www.keelys.co.uk/employment-law/national-minimum-wage-increases-for-2024/

6.4.24 – Statutory Sick Pay (SSP) & Maximum Awards

• The new 2024/25 SSP rate change increases to £116.75.

• The cap on the ‘statutory week’ increases to £700. It is used to calculate unfair dismissal basic award and statutory redundancy pay, the maximum amount for both increases to £21,000.

• The maximum compensatory award for unfair dismissal increases to £115,115 or 12 months’ salary (whichever is lower).

7.4.24 – Family Friendly Paid Leave – Rate Change

Paid leave for – Statutory Paternity Pay, Maternity Pay, Statutory Parental Pay, Statutory Adoption Pay, Shared Parental Pay, Statutory Parental Bereavement Pay – increases to £184.03 or 90% of the employee’s average weekly earnings (whichever is lower).

If you have any questions or you would like to enquire about our employment law retainer service please contact Jas Dubb: jdubb@keelys.co.uk