Employers' Contributions
(asked on 28th November 2024) - View Source
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of the increase in employers’ National Insurance contributions announced the Autumn Budget 2024 on jobs.
This question was answered on 5th December 2024
The Office for Budget Responsibility’s October 2024 Economic and Fiscal Outlook expects that the Employer National Insurance Contributions package will lead to a reduction in the participation rate by 0.1 per cent from 2025-26 onwards. Overall, once the impact of all the Budget measures are taken into consideration, the OBR expect the employment level to increase from 33.1 million in 2024 to 34.3 million in 2029.