As we enter 2024, it is important for employees and employers alike to understand the changes and updates that have been made to statutory sick pay (SSP) Statutory sick pay is a payment made by employers to employees who are unable to work due to illness or injury It is a legal requirement in the UK, and changes are made periodically to ensure that it remains fair and effective for both parties.
In 2024, there are several key updates to statutory sick pay that both employees and employers should be aware of These updates are designed to improve the support available to employees who are unable to work due to illness, while also ensuring that employers are able to manage the financial impact of providing sick pay.
One of the main changes to statutory sick pay in 2024 is an increase in the weekly rate of payment From April 2024, the standard rate of statutory sick pay will increase to £100 per week, up from the previous rate of £96.35 per week This increase is intended to provide employees with a higher level of financial support when they are unable to work due to illness.
In addition to the increase in the standard rate of statutory sick pay, there are also changes to the eligibility criteria for SSP in 2024 Employees will now be eligible to receive statutory sick pay from the first day of their absence, rather than having to wait for three consecutive days of absence as was previously the case This change is designed to provide employees with immediate support when they are unable to work due to illness.
Another important update to statutory sick pay in 2024 is the introduction of a new system for calculating average earnings Under the new system, the amount of statutory sick pay that an employee is entitled to will be based on their average earnings over the previous 12 weeks, rather than their earnings in the previous 8 weeks as was previously the case statutory sick pay 2024. This change is designed to provide employees with a more accurate reflection of their usual earnings and ensure that they receive a fair level of support when they are unable to work due to illness.
Employers should also be aware of changes to the rules around statutory sick pay in 2024 From April 2024, employers will be required to keep accurate records of statutory sick pay payments that they make to employees This includes recording the dates of absence, the amount of statutory sick pay paid, and any evidence provided by the employee to support their claim Employers must keep these records for at least three years and make them available to HM Revenue & Customs if requested.
It is important for employers to comply with these record-keeping requirements to ensure that they are able to provide evidence of statutory sick pay payments if they are audited by HMRC Failure to keep accurate records of SSP payments could result in penalties being imposed on the employer.
Overall, the changes to statutory sick pay in 2024 are designed to improve the support available to employees who are unable to work due to illness, while also ensuring that employers are able to manage the financial impact of providing sick pay By understanding these updates and complying with the new rules and regulations, both employees and employers can navigate the statutory sick pay system with confidence in 2024.
In conclusion, the changes to statutory sick pay in 2024 bring about a number of important updates that both employees and employers should be aware of From the increase in the standard rate of SSP to changes in eligibility criteria and record-keeping requirements, these updates are designed to improve the support available to employees who are unable to work due to illness By staying informed and complying with the new rules and regulations, both employees and employers can ensure that they are able to navigate the statutory sick pay system effectively in 2024.