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ARTICLE · 13 APRIL 2023

April Updates To Statutory Rates

There have been several key announcements for HR practitioners in the UK to be aware of, including: a new minimum wage, increased statutory rates and limits, and the Spring 2023 Budget.

United KingdomEmployment and HR

There have been several key announcements for HR practitioners in the UK to be aware of, including: a new minimum wage, increased statutory rates and limits, and the Spring 2023 Budget.

Annual rates increases

The usual annual updates to the statutory rates and limits will come into effect in early April.

Here are the key changes:

Update

Old rate

New rate

National Minimum Wage (age 23+)

£9.50

£10.42

Maximum unfair dismissal payment (basic award)

£17,130

£19,290

Maximum unfair dismissal payment (compensatory award)

£93,878 or 12 months' gross pay, whichever is lower

£105,707

Maximum statutory redundancy payment

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