Member

In the spring update Statement on Tuesday, the Chancellor referred on many occasions to workers and being fair to them. Surely, it is only fair that all workers on a certain amount pay only 2% on their pension contributions in terms of NIC and that a certain few do not have to pay 8% on their pension contributions due to their salary being between £40,000 and £50,270. The noble Lord, Lord Ashcombe, has already asked for that number to be clarified. By increasing this limit, all employees would pay only 2% on their pension; employers would continue to pay 15% on all contributions. That is the vast majority of the tax—another burden on employers.