Increases with effect from 1 April 2022.
The student loan threshold has been confirm for tax year 2022-23 as follows:
- Plan 1 - £20,195
- Plan 2 - £27,295 (remains the same as April 21-22)
- Postgraduate loan - £21,000 (remains the same as April 21-22).
National Minimum Wage
The National Minimum Wage (NMW) increases with effect from 1 April 2022. The new rates are:
- National Living Wage (NLW) 23+ Year old rate - £9.50
- 21 – 22 Year old rate - £9.18
- 18 – 20 Year old rate - £6.83
- 16 – 17 Year old rate - £4.81
- Apprentice rate - £4.81
- Accommodation Offset rate - £8.70.
National Insurance increase
The employee National Insurance (NI) will increase to 13.25% and the employer NI will increase to 15.05%.
The increase is 1.25% for both employee and employer due to the introduction of the Health and Social Care Levy .
Statutory payments have also been agreed to increase with effect from 1 April 2022, the new rates are:
- Statutory Sick Pay (SSP) - £99.35 per week
- Statutory Maternity, Adoption, Paternity, Shared Parental and Bereavement Leave has increased to £156.66 per week.
As a reminder Statutory Parental Bereavement Pay and Leave was introduced April 2020. Both parents are able to take time off work if their child dies before they turn 18, or if they have a stillbirth after 24 weeks of pregnancy.
You can take 2 weeks’ leave from the first day of your employment for each child who has died or was stillborn if you’re eligible.
You can take:
- 2 weeks together
- 2 separate weeks of leave
- only 1 week of leave.
A week is the same number of days that you normally work in a week.
- can start on or after the date of the death or stillbirth
- must finish within 56 weeks of the date of the death or stillbirth.
The payment for Statutory Parental Bereavement Pay with be either £156.66 (22-23 tax year) a week or 90% of the average weekly earnings (whichever is lower).