https://liricaccount.wpengine.com/wp-content/uploads/2022/11/liric_accountants_website_new-300x198.png 0 0 George Bruce https://liricaccount.wpengine.com/wp-content/uploads/2022/11/liric_accountants_website_new-300x198.png George Bruce2014-12-29 10:25:572015-02-05 11:34:26New statutory amounts announced for 2015
New statutory amounts announced for 2015
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), statutory adoption pay (SAP) and statutory shared parental pay (ShPP) for tax year 2015/16.
The proposed revised rates are as follows:
- The standard weekly rates of SMP and SAP and the weekly rates of SPP and ShPP will increase from £138.18 to £139.58 – it is assumed this will be for payment weeks commencing on or after Sunday, 5 April 2015
- The prescribed weekly rate of Maternity Allowance will also increase from £138.18 to £139.58.
- The weekly rate of SSP will increase from £87.55 to £88.45 from 6 April 2015.
- The lower earnings limit applying to National Insurance contributions, below which employees are not entitled to SSP, SMP, SPP, SAP and ShPP, will increase from £111 to £112 per week from 6 April 2015.
These rates are subject to Parliamentary approval, so changes are possible, but unlikely.