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National insurance cuts ‘will save £200 per employee’

Forthcoming changes to the national insurance regime will save an average of £200 per employee by the end of this Parliament, the Government has announced.

April 2014 will see the introduction of the new Employment Allowance, which will reduce employers’ national insurance bills by up to £2,000.

The measure is expected to benefit up to 1.25 million businesses, with around a third of employers being taken out of the national insurance framework altogether.

In addition to the new allowance, April 2015 will see the abolition of employer national insurance for the under-21s.

Commenting on the measures, Chancellor George Osborne said, ‘Small businesses make a vital contribution to our economy, creating jobs and stimulating growth’.

‘Effectively providing cashback on jobs, the Employment Allowance will help these businesses achieve their goals and help the UK succeed in the global race.’