Rishi Sunak has announced that the National Insurance Contributions starting threshold will rise by £3,000 to £12,570 from July, meaning employees across the UK will keep more of what they earn before they have to start paying personal tax.
04.03.2022 - 15:15 / dailyrecord.co.uk
The Department for Work and Pensions (DWP) recently confirmed that State Pension payments will increase by 3.1% in line with the Consumer Price Index (CPI) from April 11, 2022.
People receiving State Pension can choose to be paid either weekly or every four weeks - not to be confused with being paid monthly as the DWP makes 13, four-weekly payments each year over a 52-week period which can result in two payments being made in the same calendar month.
The upcoming increase means that the basic State Pension will rise to £141.85 per week from £137.60 and the full new State Pension will go up to £185.15 from £179.60.
The decision was confirmed after The Social Security (Up-rating of Benefits) Act 2021 received Royal Assent in November. This legislation temporarily suspended the earnings element of the Triple Lock for one year only, following distortions to the earnings statistics brought about by the economic impact of the coronavirus pandemic.
Under the temporary ‘double lock’ rule, State Pension for the 2022/23 financial year was based on the greater of either annual inflation or 2.5%.
Commenting on the 3.1% increase coming into effect next year, the DWP said : “In taking this decision, the [UK] Government carefully considered the fairest approach for both pensioners and younger taxpayers, many of whom have been hardest hit by the financial impacts of the pandemic."
The Department added: “In addition, last year, we delivered primary legislation to increase State Pensions by 2.5%, when earnings fell and price inflation increased by half a percentage point. If we hadn’t taken this action, State Pensions would have been frozen.”
The DWP also made clear that the ‘double lock’ is a one-year response to exceptional
Rishi Sunak has announced that the National Insurance Contributions starting threshold will rise by £3,000 to £12,570 from July, meaning employees across the UK will keep more of what they earn before they have to start paying personal tax.
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Personal Independence Payment (PIP) is a benefit for people aged over 16 and under State Pension age who need extra help to cover the costs of daily living or getting around as a result of a physical or learning disability, long-term illness or mental health condition.
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