GBNews published this video item, entitled “National Insurance reduction leaves ‘typical family £1000 BETTER OFF in 2024′” – below is their description.
GB News East Midlands Reporter, Will Hollis, explores the impact of the cut to National Insurance on a business in Ilkeston.
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About This Source - GBNews
GB News is a free-to-air television and radio news channel in the United Kingdom. The channel is available on Freeview, Freesat, Sky, YouView, Virgin Media and via the internet. Since 4 January 2022, an audio simulcast of the station has been available on DAB+ radio.
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.