The National Insurance Fund had been in healthy surplus, but this has been declining sharply in recent years to the extent that without Treasury finance the balance on the Fund is projected to fall below the recommended minimum in 2014/15.
National Insurance Fund: 1975 to 2014 (368 KB , PDF)
The National Insurance Scheme was established on 5 July 1948 to provide unemployment benefits, sickness benefit, retirement pensions and other benefits in cases where individuals meet the contribution and other qualifying conditions. Benefits due under the Scheme are paid out of the National Insurance Fund and the costs of these benefits are mainly met on a "pay-as-you-go" basis by the contributions paid by employees, employers and the self employed.
The Fund had been in healthy surplus, but this has been declining sharply in recent years to the extent that without Treasury finance the balance on the Fund is projected to fall below the recommended minimum in 2014/15.
National Insurance Fund: 1975 to 2014 (368 KB , PDF)
This note discusses the process by which National Insurance numbers (NINOs) are allocated and the uses to which they are put, before discussing the background to the introduction of the 'Right to Work' test for individuals requiring a NINO for employment purposes.
On 7 September 2021 the Prime Minister, Boris Johnson, announced plans to provide an additional £12 billion per year for health and social care on average over the next three years, to be funded by a new, UK-wide 1.25 per cent Health and Social Care Levy (the Levy), to be introduced from April 2022. The Health and Social Care Levy Bill 2021-22 [Bill 160 of 2021-22] was introduced on 8 September 2021.
The Health and Social Care Levy Bill 2021-22 [Bill 160 of 2021-22] was introduced on 8 September 2021.
