The NICs compensation rate will remain the same for 2013/2014 at 3% however Statutory payment rates will increase slightly as follows:
Statutory Sick pay will increase from £85.85 to £86.70 Statutory Adoption Pay, Statutory Maternity Pay, Ordinary Statutory Paternity Pay along with Additional Statutory Paternity Pay will increase from £135.45 to £136.78 per week.
STATUTORY PAYMENT RATES
21 st December 2012
HMRC published details of the 2013/2014 Statutory Payment rates within their informal weekly update.
Statutory Adoption Pay
2012/13 £107.00 £135.45
2013/14 £109.00 £136.78
Earnings threshold
Standard Rate
Statutory Maternity Pay Earnings threshold
£107.00 £135.45
£109.00 £136.78
Standard rate
Statutory Paternity Pay Earnings threshold
£107.00 £135.45 £135.45
£109.00 £136.78 £136.78
Ordinary Statutory Paternity Pay (Standard Rate) Additional Statutory Paternity Pay (Standard Rate)
Statutory Sick Pay Earnings threshold
£107.00 £85.85
£109.00 £86.70
Standard rate
Women who qualify for Statutory Maternity Pay receive 90% of their average weekly earnings for the first six weeks with no upper limit. The compensation rate for 2013/14 is 3%. The percentage threshold for 2013/14 is 13%. The rates for SAP, SMP, OSPP and ASPP take effect from the first Sunday in April. The rates for SSP take effect from the start of the tax year.
AUTO ENROLMENT PRP THRESHOLDS 2013/2014
23 January 2013
The Department for Work & Pensions (DWP) and the Pensions Regulator have provided a table of the various pay reference period thresholds for Auto enrolment for 2013/14.
After the announcement of the increase to the annual thresholds for Auto enrolment, numerous requests were made by industry representatives for the release of the 2013/14 threshold values broken down to each of the various Pay Reference Periods (PRPs).
These are the proposed thresholds and are still subject to parliamentary approval.
The thresholds will come into force on 6th April 2013.
Automatic enrolment rates 2013/14
1 week
2 weeks
4 weeks
1 Month
3 Months 6
CIPP Policy News Journal
12/04/2013, Page 180 of 362
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