From January 6th 2024, 27 million workers in the the UK will see an increase in their take-home pay, following the UK Government’s announcement of a reduction on employee Social Security (National Insurance) rates.
Currently, UK payrolled employees contribute 12% of annual their earnings between £12,571 and £50,270. From January 2024, the contribution rate will drop to 10%
For an employee earning £50,000 a year, the reduction is worth ~ £650 per annum and for an employee earning £70,000 a year, it will mean an increase in take-home pay of ~ £750 per annum.