Changes to income tax, pensions and parental leave and pay in 2012
2012 will see the implementation of some key changes to income tax, pensions and parental leave and pay. Find out what these changes mean for you as an employer.
March: Parental leave following the birth or adoption of a child increases from three to four months from 8 March.
April: The standard rate of statutory maternity, paternity and adoption pay increases from £128.73 to £135.45 per week from 1 April, and 6 April sees the standard rate of statutory sick pay increase from £81.60 to £85.85 per week.April will also herald the increase of the income tax personal allowance to £8,105, and the threshold at which employees pay the higher income tax rate of 40% will fall from £35,001 to £34,371.
October: October will see the start of Britain's biggest pensions shake-up in decades, with employers required by law to automatically enrol all employees over the age of 22 and earning in excess of the minimum earnings threshold in a pension scheme. Companies and organisations will each be given a specific date by which the changes have to be in place, known as a 'staging date', which will run from October 2012 through to 2016, starting with larger businesses.
Acas provides training to help employers keep up to date and comply with changes in employment law. Visit the Acas training and business solutions.