James Smyth’s Post

Statutory rates of pay increase from 6 April 2024:- Statutory Maternity, Paternity, Adoption, Shared Parental pay and parental bereavement pay increases from £172.48 to £184.03 per week. Statutory Sick Pay increases from £109.40 to £116.75 per week Statutory redundancy pay for qualifying employees increases from £643 to £700 per week or lower if you earn less than this threshold. The maximum unfair dismissal compensatory award for qualifying employees increases to £115,115. Remember too that the national minimum wage increased from £10.42 to £11.44 per hour for those now aged 21 and over from 1 April 2024. If you are a UK employer then you need to be aware of these changes and you may need to update your policies and procedures.

The costs and benefits of being a working parent from an economist! Childcare is getting some attention again as the Government is pledging a 10% wage increase from Dec 2024 and another 5% from Dec 2025 if providers agree to cap fee increases. This was already part of the discussion in the Budget and in the Fair Work Commission decide in June so isn't a huge surprise. It lines up with the wage increases given to aged care and healthcare workers and will help to support the much needed flow of workers into the childcare industry. On my calculations it will add 0.2ppt to wages growth over 2024-25 and just 0.1ppt to 2025-26 - not much at all in the big scheme of things. Follow the AMP economics team on instagram or TikTok for other relatable and interesting content about economics, markets, investing and life! https://lnkd.in/dxH9adz9 https://lnkd.in/dqY8BT6V

What if the biggest negative of being a full-time parent - in the way it was common for housewives in Western society in the golden era of the middle class - was not really the extra time on their hands leading to boredom and anxiety ... which was 'solved' - or substantially 'solved' - by both parents working ... was social isolation from lack of connection - including, or even mainly, with their life partner - which was then solved by parents working less rather than more? But how would that family afford the American/Australia/etc - the Western - dream of home ownership, cars and financial security? (No doubt the question many immediately asked.) Well leaving aside - for a moment - the reality that that dream has been lost for very many in Western society anyhow ... what if Nixon's attempt to institute a universal basic income in the US succeeded ... see https://lnkd.in/gtFbjMz8 and like most good ideas, it was broadly adopted throughout the West? From my experience of almost 2 decades of being a stay at home dad, I know that it's not just - or even mainly - the not being intellectually stimulated that leads to anxiety ... because, let's face it, there are plenty of accessible forms of intellectually stimulating material available at our fingertips these days ... and opportunities to share our own analysis and views and talk/debate (as I have consistently done, most recently at MacroEdgo.com). It is the lack of social contact that is most challenging to deal with and that includes with your family and life partner. I have much more energy and feel much more content when my family are nearby to me. Now I know plenty of working parents will say that they can feel like they spend too much time with family during a vacation - I've certainly heard that said - and each time I do I find it incredibly sad because ... it indicates that they have become conditioned to spending so little time together that they do not feel comfortable in each other's company for more extended periods. This is where I think the pandemic and periods of isolation in family groups were an important opportunity for Reset amongst families, and I think it is a shame so much focus was placed on working parents - especially mothers - struggling to help children with home learning ... Afterall, we are talking about largely professional adult parents who could easily carry out that task of assisting children in their learning... but for the requirements, and often over-reach, of their employers. If we can leave aside our complex emotions over this I think there is much we can all learn from each other ... and the benefits to society - for each of us - would be very significant.

Few people know more about the cost of childcare and early education to professionals than an economist. And when that economist is AMP Deputy Chief Economist and mum-of-two Diana Mousina? Stick a fork in me because I am done! I love Diana’s fact-based take on this topic, combined with the authentic personal twist we’re all looking for in the content we consume on social media. For my working parent community, what does your cost/benefit equation look like when it comes to childcare? Check out the video below and join the conversation in the comments.

🔎 Analysis: The government insists the phased 15 and 30-hour expansion of free nursery provision is on track, but opposition says the policy is in chaos. The political imperative for the change arises from the practical problem that new parents will not need any reminding of — the prohibitive cost of childcare means it is often not worth going back to work. Many parents, often women, therefore drop out of the workforce. With economic inactivity emerging as one of the key drags on Britain’s economy, and therefore the Conservatives’ election hopes, getting more people back to work is seen as crucial. But what will Labour do?

You can't describe the UK's statutory maternity pay scheme as an 'excessive... function of tax', and then claim that you didn't mean that and that what you meant to say was that 'the burden on the regulation of business has gone too far'. The statutory framework for maternity pay *is* a form of regulation on business. Women are driven out of work in their tens of thousands when they become parents. I doubt many people would look at the statutory provision for maternity pay (90% of average weekly earnings for six weeks, falling to £184.03 per week for a further 33 weeks) and find that 'excessive' in financial terms. It's among the lowest provision in the OECD. Of course, many organisations supplement this, and generously so, but the 'regulatory burden' on businesses is considerably lower than the national living wage. And this figure is starkly lower than that which nurseries and childcare providers expect to be paid for looking after children when parents return to work. This form of dog whistle politics has an immediate human cost. There will be a small to medium business owner somewhere who will not employ a woman the next time they have the opportunity to because this news story has reinforced their long-held view, when in fact we should be challenging it at every opportunity. We lose experience, training, investment, and intelligence when we lose women from our workforces. I feel incredibly fortunate to work somewhere that visibly and loudly values women and parents, but not everyone has this support. We must speak up for them. #kemibadenoch #maternitypay

  Let's talk about maternity pay in the UK... 🤰     Whilst employers are striving for greater inclusivity and support for working parents, they do not all provide enhanced maternity pay for their employees. That means many new mothers and parents are reliant on the Government for financial support during a significant period of change.   The UK Government has just issued their latest increase to Statutory Maternity Pay (SMP):   - New mothers will get 90% of your average weekly earnings (before tax) for the first 6 weeks. - £184.03 or 90% of your average weekly earnings (whichever is lower) for the next 33 weeks.   That’s a 6.7% increase on the rate from last year and it still leaves the UK as one of the worst for financial support in Europe for maternity pay.   That leaves the question of who should improve maternity pay in the UK? 🤔   Is it the responsibility of employers to provide enhanced benefits, or should the UK Government review their current approach and provide adequate support for new mothers?   #humanresources #thehrc #hrcommunity #employment #people #flexibleworking #familyleave #SMP #maternityleave hello@hrcollective.co.uk

When it comes to Maternity Pay in the UK, who should take more responsibility to improve it? Whilst mothers in the UK may have a generous period of leave from work compared to other countries, unfortunately the current financial support from the Government is actually one of the lowest in Europe. The current support only provides 6 weeks of pay at 90% of your average pay before new mothers transition to Statutory Maternity Pay (SMP) for 33 weeks. As of 8th April 2024, the new rate is £184.03 per week which is a 6.7% increase from last year. Should the Government step up with more comprehensive support, or is it primarily the duty of employers to provide fair and adequate maternity pay? Join the conversation and share your thoughts below! 🤰 #humanresources #thehrc #hrcommunity  #employment #people #flexibleworking #familyleave #SMP #maternityleave hello@hrcollective.co.uk

Is this a concerning trend that's here to stay or direct bi-product of the pandemic? Over 21% of working-age adults are not actively seeking employment, translating to over 9 million people. This figure has risen by 700,000 since the pandemic, yet unemployment rates have remained steady. Key factors like long-term illness are keeping people out of the workforce, particularly among younger age groups disrupted by the pandemic. The UK govt has introduced measures to tackle this, including tax cuts and expanded childcare support, but experts argue for a broader strategy addressing skills shortages and increasing labor force participation. https://lnkd.in/ervmmQ3T

April 7th 2024 - IS YOUR PAYROLL SET FOR THE CHANGES? Along with changes in National Minimum Wage rates on April 1st other statutory rates take an uplift in April. SSP (Statutory Sick Pay) = £116.75 per week Statutory Maternity, Paternity, Adoption, Shared Parental Pay and Parental Bereavement Leave = £184.03 per week Others changes for April include Carer's Leave and Paternity Leave plus extensions for Redundancy Protections and Flexible Working Requests. Let me know if you'd like a copy of my March 2024 Newsletter detailing the changes deb@barrowhr.wales  Otherwise watch this space for next post on Paternity Leave changes for parents of babies expected to be born, and children adopted, from April 6th 2024. #ssp #maternityleave #paternityleave #adoptionleave #sharedparentalleave #parentalbereavementleave