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| Labour's NIC rise 'not entirely scrapped' |
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| Latest Recruitment News - HR and Recruitment Legislation News |
| Written by DirectNews Feed |
| Tuesday, 01 June 2010 00:00 |
 An international law firm has said that Labour's much-maligned national insurance contribution (NIC) has not been completely scrapped by the new government.In the build-up to the general election - which took place on May 6th - Labour announced its intention to raise compulsory NICs by one per cent for all people earning £20,000 or above annually. This move was widely criticised by business groups and resulted in many of Britain's most recognisable business leaders uniting in protests against the proposal. Meanwhile, the Conservatives labelled the policy a "jobs tax" and pledged to remove it should they be elected. However, according to Pinsent Masons, it is "not accurate" to suggest that the hike has been abolished entirely, as employees on higher wages will still see their NICs increase. During the Queen's Speech, it was revealed that the threshold at which employers begin paying NICs will be increased, but Pinsent Masons insisted that this measure will "reduce although not eliminate" Labour's one per cent rise. This is because as of April 2011, companies will pay more in NICs for people earning over around £20,000 but less for those earning less than this amount. Posted by Daniel Frost 
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