Martin Lewis has said that people who are currently employed will be getting a boost in their paycheque this month.
The financial guru told an audience over over three million who tuned into his ITV Martin Lewis Money Show Live on Tuesday night (November 8) that it means their take-home pay cold go up by at least £30 and for some, as much as £790.
However this comes down to how much money you earn.
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The money saving expert explained in his 'time for a quickie' segment took viewers through several fire money tips and news items, including the National Insurance rates cut from this month, reports Yorkshire Live.
He said: "Expect more in your take-home pay this month. Most National Insurance rates dropped to 12 per cent (1.25 per cent points)" and then explained how much that change would save the average viewer.
He explained the difference it will make to each pay bracket as the following:
- Someone earning £12,570 per year - £0 gain per year
- £15,000 - £30
- £20,000 - £93
- £40,000 - £343
- £75,000 - £780
The first sign of this payment should be seen in individual's November pay packets whilst the National Insurance tax cut or rather the reversal of the recent rise, is already in effect having taken place on November 6 (Sunday).
The cut comes following Rishi Sunak's National Insurance increase, implemented earlier in the year, has been cancelled from November in a policy u-turn overseen by now-ex chancellor Kwasi Kwarteng and former PM Liz Truss. And even though Rishi Sunak, who implemented the policy as chancellor, is now Prime Minister, the National Insurance tax rise cancellation is still going ahead - for now.
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The government's website says about the change: "The tax cut was announced by the government on 22 September, as part of the reversal of the Health and Social Care Levy.
"Working people across the UK will begin receiving the tax cut in their payslips this month, with all expected to have started receiving it by February.
"The move to reverse April National Insurance increase follows the rise in National Insurance thresholds in July. As a result of both measures, working people will be £500 better off, on average, next year.
"Funding for health and social care services will be maintained at the same level as if the levy were in place."
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