Statutory Payment Rates
The Department for Work and Pensions has announced the proposed new rates for Statutory Sick Pay (SSP), Statutory Maternity Pay (SMP), Statutory Paternity Pay (SPP) and Statutory Adoption Pay (SAP) for tax year 2014/15. The proposed revised rates are as follows:
- The standard weekly rate of SMP and the weekly rates of SPP and SAP will increase from £136.78 to £138.18 – it is assumed this will be for payment weeks commencing on or after Sunday, 6 April 2014.
- The prescribed weekly rate of Maternity Allowance will also increase from £136.78 to £138.18.
- The weekly rate of SSP will increase from £86.70 to £87.55 from 6 April 2014.
- The lower earnings limit applying to National Insurance contributions, below which employees are not entitled to SSP, SMP, SPP and SAP, will increase from £109 to £111 per week from 6 April 2014.
These rates are subject to Parliamentary approval, so changes are possible, but unlikely.