national insurance contributions

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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 ?
However, the numbers across the West Midlands were actually an increase of 14.6 per cent across all National Insurance number registrations when compared with the equivalent period in 2015 and 20.6 per cent for applications from the EU.
Only 16 Icelanders have acquired a National Insurance number in the last decade - the fewest of any of the 21 countries competing in the tournament.
She pointed out that the International Passenger Survey, gathering information about people coming into the country at airport and ports, has much higher numbers of people coming to the country to work than numbers registering for National Insurance. She added: "There is huge debate about the disparity." The nature of illegal immigration makes it diffi-cult to establish the scale of the issue but in 2009 an academic study estimated the number of illegal immigrants in the UK to be between 417,000 and 863,000.
Chair of the Welsh Policy Unit of the Federation of Small Businesses Janet Jones welcomed the National Insurance move.
Watters joined Patriot National Insurance Group in 2008.
The management of American National Insurance Company indicated that the strong increase in net income was helped by the better performance of the company s investment portfolio.
Richard Buckland, who owns the La Nouba cafe, said his rates had also risen by almost double and that few people understood how tough an increase in National Insurance would make it to take on new staff as few workers realised that their employer also paid a contribution to their National Insurance costs.
The Information Commissioner's Office (ICO) last night said the combination of a person's national insurance details, their name and address could, if they fell into the wrong hands, "help to build up a picture of someone's life" and put them at risk of identity theft.
A row over National Insurance rises intensified after business leaders said Labour claims they had been "deceived" into backing Conservative plans were "patronising".
THE Tories won the backing today of some of the leaders of Britain's biggest companies for their plan to reverse part of the Government's national insurance increase.
Summary: Volvo Cars Middle East and Bahrain National Insurance signed a written agreement granting all purchasers of the new Volvo XC60 a lower premium on insurance going up to 3%.
The biggest cut was in the payments of the National Insurance Institute.

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