National Insurance

Definición Fuente de la definición Contexto Fuente del contexto National Insurance payment is mandatory if the person’s 16 or over and are either: an employee earning more than £242 per week from one job self-employed and making a profit of more than £12,570 a year. » «There are different types of National Insurance (known as … Leer más

Pay As You Earn (PAYE)

Definición Fuente de la definición Contexto Fuente del contexto A system under which employers deduct income tax and employee’s National Insurance contributions (NICs) from the employee’s gross salary and pay them (together with the employer’s NICs) to HM Revenue & Customs. Also: Pay as you earn Government of the UK (s.f.) 9.—(1) The rules set … Leer más

National Insurance Fund (NIF)

Definición Fuente de la definición Contexto Fuente del contexto Unlike other taxes, most of the money raised through NICs does not go into the consolidated fund (the government’s bank account), but a separate pot of money, the National Insurance Fund (NIF). Money in the NIF is reserved exclusively for spending on social security benefits, such … Leer más

National Insurance Contributions (NICs)

Definición Fuente de la definición Contexto Fuente del contexto National Insurance contributions (NICs) are a direct tax. Employees and self-employed people pay NICs once their earnings reach certain thresholds. Additionally, employers have to pay NICs on their employees’ earnings too. Unlike income tax, some of these thresholds are assessed by pay period (usually weekly or … Leer más

National Insurance Credits

Definición Fuente de la definición Contexto Fuente del contexto National Insurance credits is for the people who are not paying National Insurance, for example when someone is claiming benefits because they are ill or unemployed. Credits can help to fill gaps in the National Insurance record, to make sure certain people qualify for certain benefits … Leer más

Voluntary National Insurance contributions

Definición Fuente de la definición Contexto Fuente del contexto Gaps in a person’s National Insurance record can affect the amount of new State Pension they get. It may be possible to pay voluntary National Insurance contributions to fill these gaps. Voluntary National Insurance contributions can help protect the National Insurance record if someone’s not building … Leer más

Accrue

Definición Fuente de la definición Contexto Fuente del contexto The statutory leave entitlement is 5.6 weeks/year. People working irregular hours or part of the year are still entitled to up to 5.6 weeks statutory leave but they will build up (‘accrue’) leave depending on the hours they’ve already worked, rather than getting a fixed number … Leer más

Redundancy

Definición Fuente de la definición Contexto Fuente del contexto Redundancy is a form of dismissal from an employee’s job. It happens when employers need to reduce their workforce. Government of the UK (s.f.) (1) An employee who is given notice of dismissal by reason of redundancy is entitled to be permitted by his employer to … Leer más

Non-compulsory redundancy (voluntary redundancy) and compulsory redundancy

Definición Fuente de la definición Contexto Fuente del contexto It’s up to the employer whether they actually select the employee if they volunteer for redundancy. The employer cannot just offer voluntary redundancy to age groups eligible for an early retirement package – this could be unlawful age discrimination. However, an early retirement package (for certain … Leer más