Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Business woman at work as advisor in office, financial consultant with client. Health insurance worker meeting Asian manager, explaining contract in waiting room

Love Your Employees Promotes a Key Solution to National Insurance Increase

Employee benefits marketplace provider Love Your Employees has heralded salary sacrifice as a key solution to help businesses and their employees mitigate the effects of the forthcoming national insurance increase.

From 6th April 2022, national insurance contributions will increase by 1.25%, a move that has been criticised in the midst of what has been dubbed the cost-of-living crisis.

To help people with increased outgoings, Love Your Employees is encouraging businesses to use salary sacrifice as a solution. The scheme has been running for over 25 years and is used by 87% of the world’s FTSE 500 companies.

Salary sacrifice allows employees to contribute to their pension from their gross pay, meaning they will be taxed at a lower level of salary. This scheme will not only allow employees to contribute to their pensions in an affordable way, but it also means they and their businesses will pay lower rates of national insurance.

Elliott Smith, co-founder of Love Your Employees, commented: “The national insurance increase is coming at a time when consumers are seeing their purse strings tightened by inflation and increased household bill costs.

“We know it’s going to have a huge impact on millions of households, and we’re committed to helping both businesses and employees mitigate these costs. By implementing salary sacrifice, businesses will reduce their national insurance contributions and could increase their employees’ take-home pay, all while encouraging them to pay into an essential pension pot.

“At a time of rising living costs across the board, we’re here to help businesses and their people to tackle further increased living expenses.”

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking and Finance Review, Alpha House, Greater London, SE1 1LB, You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

The national insurance rise has been criticised because it will have more of an impact on lower earners. Workers will pay 13.25% on their earnings between £9,800 and £50,268, up from 12% but this will disproportionately affect those on the lower end of the scale.

Love Your Employees is the UK’s first employee benefits and wellbeing marketplace, designed to help employers source benefits for their people and assess their existing perks and benefits with its healthcheck service. By using the healthcheck, businesses can identify gaps in their wellbeing and benefits strategy and understand how they can improve it. Love Your Employees is offering a free review to employers who are interested in salary sacrifice, which will show business how much they could save on national insurance.



Recent Post: