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Work out your new monthly pay as millions due income boost after National Insurance cut this month
Millions of employees are set for a boost in their take-home pay from this month after the main rate of class 1 National Insurance (NI) deductions was cut from 12 per cent to 10 per cent on Saturday, January 6. The change will mean an average worker on a salary of £35,400 will get a tax cut of more than £450 in 2024/25, while an employee earning £50,000 will pay £3,743 in National Insurance after the change, saving about £749.