CLARIFYING NATIONAL INSURANCE

On Thursday 6 March 2024 Alferd Sears, the National Insurance Minister, announced the new rate of increase for the National Insurance fund to keep solvent.  The business community was waiting for it.  Unfortunately,  the bluntness of it was a bitter pill for many to swallow and the next day the Prime Minister’s office issued a statement in which it said that the 1.5 per cent increase to be spread equally between employer and employee come July could only be spoken for in this term of office.   There are other factors which might lead to the increases in later years not being necessary but that the complete scenario announced by the Minister was the doomsday version.  Nevertheless, the country ought to brace itself for the increases but remembering that this is insurance not a tax. You get your money back.