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National Insurance change means hundreds of thousands to get £330 pay rise – eligibility checker | Personal Finance | Finance


Alice Haine, personal finance analyst at Bestinvest, said: “National Insurance (NI) bills were pushed up by 1.25 percent in April when the Government rolled out a latest Health and Social Care levy to bolster the NHS and social care, which had been stretched thin by the pandemic.

“It meant that the essential rate for workers rose to 13.25 from 12 percent, with the rise coinciding with the escalation within the cost-of-living crisis after Russia’s invasion of Ukraine sparked a surge in food, fuel and energy prices – delivering a double blow to the wallets of on a regular basis Britons.

“Nonetheless, from July 6, the edge at which NI kicks in increases from £9,880 (the rise introduced on April 6, up from the previous £9,568) to £12,570, bringing it in keeping with the income tax threshold, giving 2.2 million staff an entire break from NI payments, though they may still receive all the advantages that include paying the levy.

“This equates to a saving of over £330 on average, in comparison to the previous three months of National Insurance contributions, with the money boost also set to profit an additional 30 million typical employees earning over the brand new £12,570 threshold, including higher earners.”

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