Recent government proposals April 2024 | Moorepay

Employment Legislation

Recent government proposals April 2024

Legislation

Recent government proposals April 2024

Date

April 2024

Summary

Government consultations, reviews and policy papers you need to be aware of. 

  • In the Spring 2023 budget, the government announced its intention to improve and simplify the current Save As You Earn (SAYE ) and Share Incentive Plan (SIP) schemes. Consultations have now closed and changes were implemented to come into force on 6 April 2024. The changes include an increase to the maximum amount that can be deducted from an employee’s salary annually for SIP partnership shares to £1,800, and increase the maximum annual award of SIP free shares to £3,600. Schedule 3 to ITEPA will be amended by Treasury Order. This will increase the maximum amount that an employee can contribute to SAYE savings arrangement to £500 per month.

 

  • On 10 May 2023, the UK government published its policy paper, Smarter Regulation to Grow the Economy. This is an ambitious and wide-ranging look at regulation across business in the post-Brexit landscape. From an employment perspective, the review will look at simplifying TUPE, limiting the scope of non-compete (restrictive covenant) clauses in employment contracts, and reforming the Working Time Regulations.

 

  • In a market still beset by labour shortages, the government has been looking in several directions at ways to boost the number of people in work. With a budget of £22m and a network of ’50 PLUS Champions’ they have succeeded in increasing the number of people over the age of 50 in work by 210,000 in the past year.

 

  • In addition to the above, the government are also seeking to provide opportunities for anyone up to the age of 21 by fully funding apprenticeships in small businesses from 1 April 2024. Furthermore, they are also allowing the apprenticeship levy to be transferred from larger businesses to support others.

 

  • A review has also launched into the employment of neurodiverse people with a brief recommendation for ways in which the government can help employers to employ and retain people with autism and other neurodiverse conditions.
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Employment Law Guide

Do you know when the latest complex legislation changes come into effect? And are you aware of the work required to ensure your business is fully compliant? This guide includes advice on…