New National Insurance change will boost your take-home pay from this month
dailyrecord.co.ukThe cancellation of the 1.25 percentage point rise in National Insurance came into effect on November 6. When announcing the reversal, the Treasury said most workers will receive a cut to their National Insurance Contribution directly via their employer’s payroll in their November pay, although some may be delayed to December or January.
The rise was introduced by Boris Johnson’s government, with Rishi Sunak as chancellor, in April and reversed by former chancellor Kwasi Kwarteng in his infamous mini-Budget last month.
The scrapping is one of few economic policies introduced by Liz Truss and Mr Kwarteng that was not axed by new Chancellor, Jeremy Hunt and has stayed in place with Mr Sunak as Prime Minister.
The levy was devised by Mr Sunak when he was chancellor to pay for social care and deal with the NHS backlog. It was expected to raise around £13 billion a year to fund social care and deal with the NHS backlog which has built up due to the Covid pandemic.
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