2023/24 She will get a pay rise when the minimum wage (currently 9.50 an hour) goes up. I.T. You have accepted additional cookies. 2023/24 The income tax changes are worth 364 while the NI cut is worth a total 555 meaning they are 919 better off. Those who pay it will see it as a separate line in their payslip. Those who receive the new State Pension will get 185.15 per week in tax year 2022/2023. You can read more about thisand find out how to report Facebook contenthere. . Rebecca OConnor, Head of Pensions and Savings at interactive investor, recently explained the implications of the levy. Stop paying National Insurance You pay National Insurance contributions to qualify for certain benefits including the State Pension. Alternatively, the triple lock could be watered down or scrapped altogether. Based on his current contribution history, Stephens State Pension accrued is worth5,501.60 in tax year 2022/2023 (20/35 X 9,627.80). Pension Payment Schedule 2022 Pension Payment Schedule 2022.pdf. Should you wish to raise any issue or concern, please contact us via care@timesmoneymentor.co.uk. Want to know your take-home pay? All workers earning over the annual national insurance threshold of 12,570 saw fall in their national insurance bill in November compared to July. We use your sign-up to provide content in the ways you've consented to and improve our understanding of you. State Pension age was 65 for men born before 6 December 1953 and between 60 and 65 for women born after 5 April 1950 and before 6 December 1953. He said: This Government will not shy away from the difficult decisions we need to take to fix our social care system and slash NHS waiting times. Thats a 6bn personal tax cut for 30 million people across the United Kingdom. Winter . We have taken reasonable steps to ensure that any information provided by Times Money Mentor is accurate at the time of publishing. Find out by adding your postcode or visit InYourArea. National insurance contributions are mandatory if you are a worker aged 16 or over, up until state retirement age, provided you earn over certain thresholds. It was later expanded to fund the state pension and other benefits and contribute towards the NHS.