The Autumn Statement featured significant changes to national insurance contributions, which will benefit millions of employees while offering little help to employers.
At Autumn Statement 2023, the Chancellor announced that the rate of Class 1 National Insurance contributions (NICs) for employees will be reduced from 12% to 10% from 6 January 2024.
This reduction will only apply to annual earnings between £12,570 and £50,270, meaning that the maximum saving is £754 a year, while the average worker bringing home £35,400 will be £450 better off.
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