According to proposals set out in a government policy paper, the revised rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared parental pay (ShPP), statutory parental bereavement pay (SPBP), and statutory sick pay (SSP) for tax year 2023/24 are to be as follows:

the standard weekly rates of SMP, SAP, SPP, ShPP and SPBP will increase from £156.66 to £172.48 (or 90% of the employee’s weekly earnings if that amount is lower than the statutory rate) – it is assumed this will be for payment weeks commencing on or after Sunday, 2 April 2023
the weekly rate of SSP will increase from £99.35 to £109.40 from 6 April 2023.

However, the amount of the earnings threshold, below which employees do not qualify for SMP, SAP, SPP, ShPP, SPBP and SSP, is to remain at £123 per week.

Source: New feed