National Insurance Contributions (NIC) is a fund that provides some state benefits, which includes state pensions, statutory sick pay, maternity leave, and additional unemployment benefits.
What is the amount of the contribution?
Employers are required to contribute 13.80% of the employee salary. Remote will collect this monthly as part of the monthly invoicing process.
Employee social security rates
The current employee social security rates (monthly withholding) are as follows:
- 12% on earnings between £792 and £4,167 per month
- 2% on earnings over £4,167 per month with no cap.