Employers' NI costs hike threatens 'drop' in adviser service levels

Network leaders told PA that the increased costs are likely to pile additional pressure on advice firms, which are increasingly reliant on administrators and assistants to cope with the regulatory burden. Under changes announced in last year's Autumn Budget, the rate of employers' National Insurance Contributions (NICs) has risen from 13.8% to 15%, while the threshold at which employers pay these contributions has been slashed from £9,100 to £5,000 a year. Employers will have to pay an additional £900 for each employee on median average earnings, the Institute for Fiscal Studies (IFS)...