At Quickpaye, we’re committed to keeping our clients informed about important changes that may impact their payroll operations. As we approach the new tax year, it’s crucial to be aware of updates to statutory payments, which can affect both employers and employees.
Here’s what you need to know about the recent changes:
Standard Rate Increase for Statutory Maternity, Paternity, Adoption, and Shared Parental Payments:
Effective from April 6th, 2024, the standard rate for Statutory Maternity Pay (SMP), Statutory Paternity Pay (SPP), Statutory Adoption Pay (SAP), and Statutory Shared Parental Pay (ShPP) has increased from £172.48 per week to £184.03 per week. This adjustment aims to provide greater support to employees during periods of leave related to childbirth, adoption, and childcare responsibilities.
What This Means for Employers:
- Employers should ensure that payroll systems are updated to reflect the new standard rate for statutory payments.
- When processing payroll for employees on maternity, paternity, adoption, or shared parental leave, employers should use the revised rate to calculate their entitlements accurately.
- It’s essential to communicate these changes to affected employees to avoid any confusion or discrepancies in their payments.
Statutory Sick Pay (SSP) Changes:
Additionally, Statutory Sick Pay (SSP) will see an increase from £109.40 per week to £116.75 per week, effective from April 6th, 2024. This adjustment aims to provide better support to employees who are unable to work due to illness or injury, ensuring that they receive adequate compensation during their absence from work.
If you are not yet working with us then this is how Quickpaye could help you:
At Quickpaye, we understand the importance of staying compliant with statutory payment regulations while ensuring accuracy and efficiency in payroll processing. Our comprehensive payroll solutions are designed to accommodate changes in statutory payments seamlessly, allowing employers to navigate these updates with ease.
- Our advanced payroll team automatically update statutory payment rates, ensuring that calculations are accurate and compliant with HMRC regulations.
- Our team of payroll experts is available to provide guidance and support, assisting you in understanding the implications of statutory payment changes.
- With Quickpaye by your side, you can rest assured that your payroll operations remain compliant, efficient, and hassle-free, allowing you to focus on running your business effectively.
As statutory payment rates increase, it’s essential for employers to stay informed and ensure compliance with updated regulations. With support from Quickpaye, clients can navigate these changes seamlessly, ensuring that their payroll operations remain accurate, compliant, and efficient. Stay tuned for more updates and guidance from Quickpaye as we continue to support your payroll needs.