Annual review of Statutory Rates

Statutory sick pay (SSP) – Increases from £87.55 to £88.45 per week.

Statutory Maternity/Adoption/Paternity and Shared Parental Pay – Increases from £138.18 to £139.58 per week.

Income tax threshold – Personal allowance will increase by £600 to £10,600. The threshold at which employees will pay the higher income tax rate of 40% will be reduced to £31,786 (from £31,866) and an increase in the higher rate tax threshold to £42,386.

NIC lower earnings limit – NIC will change from £111 to £112 per week, employees not earning above this are not entitled to SSP, SMP,SPP, ShPP, SAP

Statutory Redundancy – Maximum payments based on a week’s salary will increase from £464 to £475

Employment tribunal award limit – The maximum compensatory award for unfair dismissal increases from £76,574 to £78,335 subject to the alternative cap of one year’s salary, if this is less