Changes to payslips - April 2024
26 April 2024
Hello,
You may notice a few changes to your NET Pay this month (April 2024) when compared to last month. There have been a few changes that have impacted your take home pay: -
National Insurance Contributions
The Chancellor’s budget announced a reduction in Class 1 National Insurance rates from 12% to 8% for the 2024-2025 Financial Year.
This means that you will now pay 8% on all earnings over £1,048.00 up to £4,189.00 per month. All earnings above this will still pay 2%.
Those that are over state pension age will continue to pay no contributions.
Income Tax Contributions
The Chancellor’s budget also announced an increase in the Tax Bands increasing the amount you can earn before moving up a tax bracket.
|
|
|
Annual Earnings |
|
|
|
Tax Rate |
2023-24 |
2024-25 |
|
Tax Free Allowance |
0% |
Up to £12,570 |
Up to £12,570 |
|
Starter tax rate |
19% |
Up to £2,162 |
Up to £2,306 |
|
Basic tax rate |
20% |
From £2,163 to £13,118 |
From £2,307 to £13,991 |
|
Intermediate tax rate |
21% |
From £13,119 to £31,092 |
From £13,992 to £31,092 |
|
Higher tax rate |
42% |
From £31,093 to £125,140 |
From £31,093 to £62,430 |
|
Advanced tax rate |
45% |
N/A |
From £62,431 to £125,140 |
|
Top tax rate |
47% |
Above £125,140 |
N/A |
|
Top tax rate |
48% |
N/A |
Above £125,140 |
Please note that your tax free allowance may vary depending on your tax code.
Below is an example of a typical Band 5 Pensionable Salary with an S1257L Tax Code for illustration purposes.
|
|
March 24 |
April 24 |
|
Gross Pay (no change) |
£2,519.08 |
£2,519.08 |
|
Tax (reduction) |
£258.58 |
£251.85 |
|
National Insurance (reduction) |
£147.11 |
£117.69 |
|
Pension Contribution (no change) |
£206.56 |
£206.56 |
|
Net Pay |
£1,906.83 |
£1,942.98 |
Reduction in Full-Time Hours for AFC Staff
As agreed during the pay award negotiations for 2023-24, the number of hours a full-time employee works has been reduced from 37.5 to 37.0 hours per week.
On your payslip you will see that your contracted hours have been reduced and your hourly rate has increased so that you received the same GROSS salary as March 2024. This applies to both full-time and part-time staff.
NES have announced that due to delays in implementing this across departments, everyone continued to work 37.5 hours in April 2024. Therefore, all AFC employees will receive this additional time worked as additional hours in May 2024 (Pro-rated for Part-Time Employees).
Kind Regards,
NES Finance
Westport 102, West Port, Edinburgh, EH3 9DN
Service Desk - https://nesdigital.atlassian.net/servicedesk/customer/portals