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25/04/2002
PwC hit out at national insurance increase
Leading chartered accountancy firm, PricewaterhouseCoopers (PwC) has said that jobs could be lost in Northern Ireland as a result of the national insurance increase in last week's Budget.
PwC also said that the insurance hike was likely to affect the competitiveness of local business and that it would add to the overall cost of doing business in an already difficult economic climate. The hardest hit is likely to be larger employers with low margins and relatively low added-value.
From April 6, 2003 all employees will continue to pay National Insurance Contributions (NIC) on earnings between £89 and £585 per week at a rate of 11%, rather than at the present 10%.
However, those who earn more than £585 per week will pay NIC at one per cent on all earnings about that figure, with no upper limit. Employers NIC contributions, meanwhile, will increase to 12.8% from 11.8% on all earnings.
PwC managing partner Stephen Kingon hit out at the increase and said that it was about time the Government admitted that national insurance was a tax. (MB)
PwC also said that the insurance hike was likely to affect the competitiveness of local business and that it would add to the overall cost of doing business in an already difficult economic climate. The hardest hit is likely to be larger employers with low margins and relatively low added-value.
From April 6, 2003 all employees will continue to pay National Insurance Contributions (NIC) on earnings between £89 and £585 per week at a rate of 11%, rather than at the present 10%.
However, those who earn more than £585 per week will pay NIC at one per cent on all earnings about that figure, with no upper limit. Employers NIC contributions, meanwhile, will increase to 12.8% from 11.8% on all earnings.
PwC managing partner Stephen Kingon hit out at the increase and said that it was about time the Government admitted that national insurance was a tax. (MB)
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Northern Ireland WeatherThis Evening and Tonight:Bright spells with a few showers continuing through this evening. Some drier, clearer periods in the early hours, before cloud builds and showers turn more persistent towards dawn. Minimum temperature 4 °C.
