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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 WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
