does national insurance contributions take away money or add money, think in terms of a pay check, is it money off the pay check or on? 10 points for best answer that is correct.
2006-09-23 10:24:18 · 27 answers · asked by jame_football 5 in Education & Reference ➔ Higher Education (University +)
Actually, although technically it is money off it is a kind of insurance policy because it pays for your NHS needs, the Government love to tell us the NHS is free but all working adults in the UK make a sizeable contribution towards the NHS in NI contributions. So you do get a tangible service back for it, even if you only ever visit your GP. And before anyone slates the NHS, imagine how much you would like paying £120 per 5 mins with a GP plus £50-£200 for any additional treatments like medication and tests. Hospital stays, treatment, tests etc would have you having to remortgage or go bankrupt just to meet the costs! You may even have to cancel out some treatment options just because you could never afford them! So I say NI contributions are a two way street.
2006-09-23 10:49:02 · answer #1 · answered by bumbleboi 6 · 0⤊ 0⤋
What 'national insurance?' Are you asking about the contributions to Social Security and Medicaid? So, do the 'contributions take away money or add money ' ... to what? The following is the best of my knowledge and MUST be verified: First of all, FICA is NOT an annuity or pension plan! FICA insurance contributions are taken out of your paycheck and paid directly into the US treasury ... and not into an insurance escrow fund. Visit www.ssa.gov for the 'true scoop.' Now, if you are under 45, you'll never see it or you may be lucky enough to begin to see a little of it after you turn 72 AND meet a 'needs test.' The 'needs test' will probably be one in which you may not make more than the current minimum Federal hourly wage for a full-time employee.
2006-09-23 11:11:58 · answer #2 · answered by tom_terrific73 4 · 0⤊ 0⤋
National Insurance takes money out of your paycheck, and deposits it into an account that pays for various things everyone needs, such as health care, disability insurance, unemployment, etc. You don't have a choice in the matter. You are required to pay National Insurance. It is a far better system than the one in the US, so don't feel too bad about the deduction.
2006-09-23 10:40:21 · answer #3 · answered by Delora Gloria 4 · 0⤊ 0⤋
National insurance contributions are deducted from your wages. Your employer also makes contributions towards your NI. The money goes towards paying for the National Health Service and your pension. If you opt out of the state pension, and pay into another pension plan, your NI contributions are reduced.
2006-09-23 10:46:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋
National insurance contributions are taken off your pay cheque and given back to you when you are 65. If you are still alive by then!
2006-09-23 10:27:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
National Insurance comes off your pay check unfortunatly. It pays for your pension, health care e.t.c and is the thing you have to pay no matter the level of your pay otherwise you have a fall in your pension and you have to then make that up.
2006-09-24 12:25:56 · answer #6 · answered by CHIMP 2 · 0⤊ 0⤋
National Insurance is taken away from your salary. You could say it's a bit like tax but it's a lot less per month.
2006-09-23 10:28:11 · answer #7 · answered by Jackson 1 · 0⤊ 0⤋
it gets taken off your pay. if you havent paid enough national insurance contributions and end up unemployed then it effects the amount of benefits you can get!
2006-09-24 04:31:17 · answer #8 · answered by Anonymous · 0⤊ 0⤋
It's a *contribution (there's the key) that you are making (another key, making, giving, not receiving) towards national insurance.
*contribution (n.) A payment exacted for a special purpose; an impost or a levy.
2006-09-23 10:30:09 · answer #9 · answered by oklatom 7 · 0⤊ 1⤋
National Insurance is the first deduction from your salary
2006-09-23 10:34:07 · answer #10 · answered by timone 5 · 0⤊ 0⤋