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Pay strategy

How will the Budget 2021 affect pay and benefits?

By Peter Crush (1)4 March 2021

How will the Budget 2021 affect pay and benefits

Chancellor of the Exchequer Rishi Sunak delivered his much-anticipated Budget speech to the House of Commons on Wednesday 3 March 2021. Below is a summary of the key announcements that could impact pay and benefits strategies:

  • Income tax thresholds frozen until 2026
  • UK furlough scheme extended until September
  • Pensions lifetime allowance frozen until April 2026
  • Sick pay rebate scheme to continue for SMEs
  • Fuel duty frozen for eleventh year
  • National living wage to increase by £345 per year
  • HMRC taskforce created to investigate furlough fraud among employers
  • Government retains income tax exemptions for employees’ Covid-19 tests

Topics

  • Pay strategy
  • Tax and legislation
  • Total reward

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