national insurance contributions

(redirected from National Insurance Contribution)
Also found in: Legal.

National Insurance Contributions

Deductions from paychecks or other payments made to National Insurance in the United Kingdom. National Insurance pays for the state pension, unemployment benefits and also funds the National Health Service. Both employees and employers must make National Insurance contributions, and employers must make further contributions on certain employee benefits. They do not fund other government functions, but the government may borrow against them.

national insurance contributions

the payments made by employers and their employees to the UK government up to a specified maximum limit. National insurance contributions, together with other government budgetary receipts, are used to finance state pensions, sick pay, jobseekers allowance, etc.

There are currently (2005) four classes of national insurance contributions; Class 1 (employees/employers), Class 2 and 4 (self-employed) and Class 3 (voluntary organizations). Under the most common class, Class 1, contributions are paid by employees at the rate of 11% on weekly earnings between £89 (minimum) and £585 (maximum); employers' contributions are paid at the rate of 12.2% on weekly earnings of employees greater than £84, with no upper limit. See BUDGET (GOVERNMENT), SOCIAL SECURITY BENEFITS.

national insurance contributions

the payments made by employers and their employees to the UK government, on a two-thirds and one-thirds basis respectively up to a specified maximum limit. National insurance contributions, together with other government budgetary receipts, are used to finance state pensions, social security benefits, the JOBSEEKERS ALLOWANCE, etc. See BUDGET ( GOVERNMENT).
References in periodicals archive ?
THE number of businesses that have requested a National Insurance Contribution holiday in Wales has plummeted to a new low, shows new research.
If your civil partner dies, you may be able to qualify for a State Pension based on your deceased partner's National Insurance contribution record or you may be entitled to some Graduated or Additional Pension.
Whether you get this can depend on how many national insurance contribution years you have completed.
a person who does not qualify for the Employment and Support Allowance can protect his/her national insurance contribution record by continuing to claim limited capability for work credits.
I have paid my National Insurance contribution for over 35 years and, now I am in need of medical help that I thought I had contributed to, I have been told that if I still want them I will have to pay for them.
I HAVE gaps in my National Insurance contribution record for the state pension.
National Insurance contribution levels are also being altered, with the earnings ceiling at which the 11% rate falls to 1% being increased from pounds 670 to pounds 770 a week.
We paid above the standard national insurance contribution but are now being short changed.
Sir John Bourn, head of the NAO, said: "In the meantime these problems will continue to have a significant impact on the Inland Revenue's ability to manage National Insurance contribution debt and the taxpayer is continuing to bear compensation costs for payments made to those individuals who have suffered from delays.
Releasing the NAO's report on the National Insurance Fund, Auditor General Sir John Bourn said: ``The Inland Revenue continue to face challenges in maintaining individuals' National Insurance contribution records, upon which large amounts of the public's benefit entitlement depend.
Most people who work in the UK have to pay National Insurance contributions.
Why is it I wonder, that under Mr Cameron's watch, criminals, murderers, rapists, paedophiles and the like, who are a drain on society and who have been incarcerated on and off over thirty years get 30 years National Insurance Contributions CREDITED, and receive the full 100% basic retirement pension.

Financial browser ?
Full browser ?