Statutory payment rates 2020/21 confirmed

Statutory payment rates 2020/21 confirmed | Life policies and Inheritance Tax Accountants in Millmannoch Accountants in Heronsford | Accountants in Twechar

Statutory payment rates 2020/21 confirmed

Topic: Statutory payment rates 2020/21

Following the government policy paper published in January 2020, announcing the proposed new rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared parental pay (ShPP) and statutory sick pay (SSP) for tax year 2020/21, the government has now published the draft Social Security Benefits Up-rating Order 2020 which confirms the figures.

The standard weekly rates of statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP) and ShPP will increase from £148.68 to £151.20 from 5 April 2020 and the weekly rate of SSP will increase from £94.25 to £95.85 from 6 April 2020.

The draft Social Security Regulations 2020 confirm that the lower earnings limit, below which employees are not entitled to SMP, SAP, SPP, ShPP and SSP, will increase from £118.00 to £120.00 per week from 6 April 2020.

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