New dads to get more money in 2020

More money for men on paternity leave and Shared Parental Leave as government announces new rates for benefits from 2020

piles of pennies and rolls of notes sat on business papers

 

Paternity pay will break £150 per week for the first time later this year.

The government has published the new rates of statutory paternity, maternity and parental pay. They will come into force from April.

The basic rate will jump from £148.68 to £151.20.

The increase is in line with the Consumer Price Index rate of inflation.

Dads will be entitled to two weeks of paternity leave paid at the new rate. However many firms pay an enhanced rate.

Pay cut

Fathers taking Shared Parental Leave (SPL) will also be in line for £151.20 per week. That low rate is often cited as a barrier to men taking SPL. The figure, equivalent to an annual salary of £7862, means most men have to take a huge pay cut if they want to use Shared Parental Leave. Advocates of the policy have pointed out that parents have at least nine months to save up but that requires a lot of planning and discipline at a time when a new baby introduces new household expenses.

Business has welcomed the announcement of the new rates. There had been concerns that the Brexit process and news of a Budget in early March would delay setting the new rates.





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