Jon Golding Editor of Tolley's National Insurance Contributions 2004–05 looks at the funding requirements and state benefits connected with the payment of NICs
The great majority of NIC-payers do not balk at the high contribution rates extracted from their pay as opposed to the tax deductions because they consider that they will at some time in the future personally benefit from those deductions. Yet the contributions can far exceed the proportionate 'return' they are ever likely to receive and most would only be able to say with certainty that they would receive the national insurance retirement pension in their old age in respect of contributions made. Asked what type of retirement pension would be paid would probably elicit the response 'The one everyone gets!'. How can it be that we pay so...
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Jon Golding Editor of Tolley's National Insurance Contributions 2004–05 looks at the funding requirements and state benefits connected with the payment of NICs
The great majority of NIC-payers do not balk at the high contribution rates extracted from their pay as opposed to the tax deductions because they consider that they will at some time in the future personally benefit from those deductions. Yet the contributions can far exceed the proportionate 'return' they are ever likely to receive and most would only be able to say with certainty that they would receive the national insurance retirement pension in their old age in respect of contributions made. Asked what type of retirement pension would be paid would probably elicit the response 'The one everyone gets!'. How can it be that we pay so...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
