UK. Millions of workers face £120 hike in National Insurance bills to help fund the state pension
Millions of workers face higher National Insurance bills to fund state pensions, the government’s own analysts have warned.
The Government Actuary Department (GAD) said NI rates may have to go up by as much as 5 per cent to maintain the stability of the pension fund. This would mean an annual increase of £120 on the average worker’s tax bill – and a £138 increase for their employer.
Last night experts said the shocking projections underlined the depth of Britain’s pensions crisis. The warned ministers may be forced to increase the state pension age yet further, or even reduce pension payments, to avoid putting up tax.
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