2023/2024 Annual rate increases

The 2023/2024 annual rate increases came into effect on 6 April 2023. 

The annual increases to the minimum wage and national living wage per hour are as follows:

Age 23 and above£10.42 (up from £9.50)
Age 21-22£10.18 (up from £9.18)
Age 18-20£7.49 (up from £6.83)
Age 16-17£5.27 (up from £4.81)
Apprentices£5.27 (up from £4.81)

The rate for statutory sick pay has increased to £109.40 per week (up from £99.35). The rate for statutory maternity pay, paternity pay, adoption pay, shared parental pay and parental bereavement pay has increased to £172.48 per week (up from £156.66). 

For employees who receive accommodation as a benefit, the accommodation offset will increase to £9.10 per day (up from £8.70).

The compensation limits for various employment tribunal claims have also increased. The upper basic award limit for an ordinary unfair dismissal claim is now £19,290 (up from £17,130), and the upper compensatory award limit is now £105,707 (up from £93,878) (or if lower, 52 weeks’ gross pay).

 The Vento guidelines, which give ranges for injury to feelings awards in cases of discrimination have been updated as follows:

Lower band (less serious cases)£1,100 to £11,200 (up from £990 to £9,900)
Middle band (cases that do not merit an award in the upper band)£11,200 to £33,700 (up from £9,900 to £29,600)
Upper band (the most serious cases)£33,700 to £56,200 (up from £29,600 to £49,300) Awards can exceed £56,200 in the most exceptional cases. 

We recently published our annual data booklet, which sets out various key details that our employer clients may find helpful, including the above figures.

If you would like a copy, please do let us know – Employment Law

*The Vento guidelines were released after the data booklet was published, therefore these rates are not included.