What is national insurance for?
I may sound a bit thick, but what is national insurance for?
I understand about income tax and all that, but never really knew much about national insurance.
Any info will be appreciated.
I understand about income tax and all that, but never really knew much about national insurance.
Any info will be appreciated.
I've always understood it to be contributions towards your state pension.
Original post by somethingbeautiful
I've always understood it to be contributions towards your state pension.
yes and your employer's national insurance contributions pay towards contributions based ESA (sickness benefit) and job seekers allowance.
NICs aren't in any way ring-fenced when received by HMRC - the contributions just contribute to general HM Treasury funds and don't "pay towards" any specific purpose in Government hands - but payment of NICs at a sufficient level entitles the individual to various state benefits, including the state pension.
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