National Insurance changes: What UK tax cut means for Wigan workers' NI contributions - how much better (or worse) off will you be?
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You still have to pay a rate of 13.25% on anything earned between the new threshold and £50,270 and any salary you take home over £50,270 will continue to be charged at 3.25%.
How much will I gain or lose?
£20,000: you will pay £983.64 (£291 less than the £1,274.61 due in 2021/22)
£30,000: you will pay £2,308.68 (£197 less than the £2,505.84 due in 2021/22)
£40,000: you will pay £3,633.72 (£103 less than the £3,737.10 due in 2021/22)
£50,000: you will pay £4,958.64 (£10 less than the £4,968.36 due in 2021/22)
£60,000: you will pay £5,310.48 (£84 more than the £5,226.39 due in 2021/22)
As National Insurance is paid on commission or bonuses, overtime, sick pay, maternity, paternity and adoption pay, as well as salary, the above figures may be different from what you actually pay.
You can work out exactly how much you will gain or lose here.
If you’re self-employed the amount of profit you can earn before you pay National Insurance contributions is also increasing. You can find out more information about this change and other important changes, which will tell you how you’ll pay National Insurance contributions here.
Along with the changes to National Insurance contributions, the government has so far announced three major packages of support to help people struggling to afford rocketing food prices, energy bills and fuel costs.
Find out all about the support packages here.