ITV News published this video item, entitled “National insurance rises today, but what does it mean for me? | ITV News” – below is their description.
National Insurance will rise for millions of workers around the UK on Wednesday as the cost of living crisis surges on.
Boris Johnson broke his manifesto promise in September when he pressed ahead with a plan to increase taxes in the form of the 1.25 percentage point hike, in order to fix what he called a “broken social care system,” and to help ease the burden on the NHS as it recovers from a pandemic.
ITV News YouTube Channel
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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.
