People across the UK claiming the State Pension have been warned that their payments could be impacted starting next week.
Starting July 6, the National Insurance threshold is expected to rise by £2,690. UK Chancellor of the Exchequer Rishi Sunak confirmed that threshold for the main rate of National Insurance will soar from £9,880 to £12,570.
The National Insurance threshold refers to the amount of income you earn that will not have National Insurance deducted from it. According to the UK Government, the change will help approximately 30 million, and will result in tax savings of around £330 per year.
