What will National Insurance changes cost me?
National Insurance payments are increasing in April, to fund social care in England and help the NHS recover after the pandemic.
The government is also going back on a promise made in its 2019 election manifesto not to raise National Insurance.What is the tax increase for?Initially, this will go towards easing pressure on the NHS .This mainly helps older people and people with high care needs, with tasks such as washing, dressing, eating and taking medication.Anyone with assets - like their home, savings and investments - worth less than £20,000 will have their care fully covered by the state.
The care system is under pressure because of an ageing population and the pandemic. It has been hit by staff shortages and falling government spending.
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