The financial uprates will be warmly welcomed by many struggling to make ends meet amid the cost of living crisis
As we enter a new tax year next week, there are a number of changes being made - including an uplift to certain DWP payments and benefits. As mentioned in Chancellor Jeremy Hunt's autumn statement, benefit and pension rates for 2023/24 will go up 10.1 per cent in line with inflation.
Statutory maternity, paternity, adoption, shared parental and parental bereavement pay will increase as well, from the current rate of £156.66 per week to £172.48 per week in 2023/24. Statutory sick pay will rise to £109.40 per week, up from £99.35 per week.It comes as the cost of living crisis continues to put a squeeze on people's budgets, with cost of household, energy, food, fuel and retail bills through the roof.
Minimum/Living wage The baseline minimum wage will increase for all age groups in the UK. Depending on your age and work status, you will receive one of the following increases:
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