The Telegraph published this video item, entitled “Conservatives could break key tax pledge in new social care reforms” – below is their description.
Boris Johnson has refused to rule out raising National Insurance contributions despite the Conservatives’ pledge not to increase income tax, VAT or national insurance.
Read more: https://www.telegraph.co.uk/politics/2021/07/19/social-care-reform-may-result-tax-hike-boris-johnson-fails-rule/
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In This Story: National Insurance
National Insurance (NI) is a fundamental component of the welfare state in the United Kingdom. It acts as a form of social security, since payment of NI contributions establishes entitlement to certain state benefits for workers and their families.
Introduced by the National Insurance Act 1911 and expanded by in 1948, the system has been subjected to numerous amendments in succeeding years. Initially, it was a contributory form of insurance against illness and unemployment, as well as eventually provided retirement pensions and other benefits.
Weekly income and some lump-sum benefits are provided for participants upon death, retirement, unemployment, maternity and disability. In order to obtain the benefits which are related to the contributions, a National Insurance number is necessary.
