New Statutory Rates 2015/16 Announced

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Statutory rates 2015/16

Statutory rates 2015/16

New Statutory Rates 2015/16 Announced

In December 2014 the proposed statutory rates 2015/16 were published. Although they are subject to approval, it’s highly unlikely they will be changed so you can start planning now. So what are the changes?

Statutory sick pay (SSP).

The rate of pay will be £88.45 p.w. (increased from £87.55 p.w.).

Statutory maternity pay.

90% of the woman’s average weekly earnings (AWE) for the first six weeks of the maternity pay period followed by the lower of 90% of average weekly earnings or £139.58 p.w. for the remainder.

Statutory adoption pay.

Where the child is placed for adoption before 5 April 2015, the lower of 90% of AWE or £139.58 p.w. Where the child is placed for adoption on or after 5 April 2015, 90% of AWE for the first six weeks of the adoption pay period, followed by the lower of 90% of AWE or £139.58 p.w.

Ordinary statutory paternity pay.

The lower of 90% of AWE or £139.58p.w.

Additional statutory paternity pay (ASPP).

Where the child is expected, or placed for adoption, before 5 April 2015, the lower of 90% of AWE or £139.58 p.w. Don’t forget that 2015/16 is the last tax year in which ASPP will be available because additional paternity leave is being replaced by the new shared parental leave system.

Shared parental pay.

Where the child is expected, or placed for adoption, on or after 5 April 2015, the lower of 90% of AWE or £139.58 p.w.

You can get a full list of the proposed benefit and pension rates here.  Whilst they are only proposed it is highly likely that these proposed rates will change before now and the end of the tax.  It's a fairly safe bet then that you can use these rates to plan ahead.

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