Have you got more in your January 2024 pay?

Have you got more in your January 2024 pay?

In the Autumn Statement, The Chancellor cut the rate of employee National Insurance by 2% to 10% which takes effect this January.

The new 10% rate will come into play from 6 January 2024, meaning the average worker earning £35,400 a year will benefit from a £450 annual tax cut.

It is thought that this measure will cost £8.7bn in 2024-25 and the Treasury said employment was expected to rise as a result and some individuals may increase their working hours.

The current system takes 12% of annual earnings between £12,570 and £50,270, so someone earning an average salary of £35,000 would save £450 a year. For someone earning £80,000 a year, they stand to save £754 a year.