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National insurance changes 2024: what they mean for your money
Cuts to the tax are likely to mean more money in your pocket. Find out how you will be affected
The national insurance rate for most employees has fallen from 12 per cent to 10 per cent
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There is a good chance that you will be paying less national insurance from tomorrow as the rates are cut by two percentage points. Here’s what you need to know.
National insurance contributions are mandatory for employees earning more than £242 a week or self-employed workers making a profit of over £12,570 a year. The contributions, paid once you are over 16, enable workers to qualify for certain benefits, including the state pension.
The rate at which you pay national insurance depends on how much you earn, and will go down on January 6. This decrease was announced by the chancellor, Jeremy Hunt, in November and will affect about 27 million employees and 2 million self-employed people.
The national insurance rate for most employees, known
