Several changes are set to come in from April including an uplift to certain Department for Work and Pensions (DWP) benefits and other payments.
As confirmed in the Chancellor's Autumn statement last year, benefits, payments and the state pension will rise by 10.1 per cent from April.
These will go up on the first Monday after the new tax year starts which this year will be April 10.
Alongside this, maternity, paternity, and statutory sick pay will also be upped by 10.1 per cent too.
As well as this, National Living rise is set to rise too, going from £9.50 to £10.42 an hour, and this will be hitting pockets a little sooner going up this weekend.
These payment changes will help give people a slight bit extra in their pocket will help as the cost of living crisis continues to strain finances.
Wages
The National Living Wage is for those aged 23 and over, and the minimum wage, which is also going up, is for younger people.
The minimum wage is what your employer has to pay you by law, depending on your current age and around two million workers will benefit from the pay rates going up
From this weekend - the rates will be:
- National Living Wage (aged 23 and over) - from £9.50 to £10.42
- National Minimum Wage for people aged 21 to 22 - from £9.18 to £10.18
- National Minimum Wage for people aged 18 to 20 - from £6.83 to £7.49
- National Minimum Wage for under 18s and apprentices - from £4.81 to £5.28
Accommodation offset will also be going up too.
The offset comes into play when a worker lives in accommodation provided by their employer, who charges them for that accommodation.
The offset sets a limit on what an employer can charge a minimum wage worker for accommodation.
The daily rate will be going to £9.10 from £8.70 and the weekly offset will be going up from £60.90 to £63.70.
Statutory sick pay
Statutory sick pay, or SSP, is the minimum you must legally be paid if you're off sick from work.
Sick pay is given to employees of companies, who are off sick for at least four days in a row
While you're on sick leave, the current standard weekly rate for SSP is £96.35 a week.
From April however, this will be going up to £109.40
Statutory maternity, paternity, adoption, and bereavement pay
As well as this, statutory maternity, paternity, adoption, shared parental and parental bereavement pay will increase from the current rate of £156.66 per week to £172.48 per week.
However, the weekly earnings threshold a worker must meet to become eligible for statutory parental pay or statutory sick pay will remain the same, at £123 per week.
Housing Benefit Support
Support with housing costs will also be rising which will help many who are facing increased rents and mortgage payments due to interest rate rises.
Universal Credit has replaced Housing Benefit for most new claimants and you can only make a new claim for Housing Benefit in some instances.
However there are still a lot of people who get Housing benefit payments.
The amount you get is dependent on your age and circumstance.
If you’re single, housing benefits will increases will be:
- Under 25s - from £61.05 to £67.22
- On main phase Employment support allowance (ESA) - from £77 to £84.78
- Between 25 and state pension credit age - from £77 to £84.78
- State pension age and over - £197.10 to £217
Single parents:
- Under 18 - from £61.05 to £67.22
- On main phase Employment support allowance - from £77 to £84.78
- Between 18 and state pension credit age - from £77 to £84.78
- State pension age and over - £197.10 to £217
Couples:
- Both under 18 - from £92.20 to £101.51
- One or both are aged between 18 and state pension credit age - from £121.05 to £133.27
- On main phase Employment support allowance - from £121.05 to £133.27
- One or both have reached state pension age - from £294.90 to £324.68
