From 6th April 2015 employers will not be required to pay employers National Insurance contributions on earnings up to the Upper Secondary threshold for employees under the age of 21.
The Department for Work & Pensions has announced the proposed new rates for the tax year 2015/16 which include the following and are subject to parliamentary approval:
- The weekly rates of Statutory Maternity Pay (SMP), Maternity Allowance, Statutory Adoption Pay (SAP), Statutory Paternity Pay (SPP) and Statutory Shared Parental Pay (SHPP) will increase from £138.18 to £139.58 for payments weeks commencing on or after Sunday 5th April 2015
- The weekly rate of SSP will increase from £87.55 to £88.45 from 6th April 2015
- The Lower Earnings limit applying to NIC will increase from £111 to £112 per week from 6th April 2015
- The earnings thresholds for Automatic Enrolment into a qualifying workplace pension scheme have changed as from 6th April 2015. The lower limit of the qualifying earnings band will increase from £5,772 to £5,842 and the upper limit will increase from £41,865 to £42,385. The minimum earnings threshold for automatic enrolment will remain at £10,000
Posted: Wed 18 Feb 2015