Concern over employee financial wellbeing rising over National Insurance hike: Scottish Widows

In a survey of 500 UK firms conducted in March 2022, one third of respondents stated concern that higher NI costs could lead to lower profits, pay stagnation and spiked prices for customers. Meanwhile over one quarter of employers (29%) said the NI hike would directly impact employees' pay, with one in five (21%) suggesting that as a result pay increases could freeze for a year.   The rise could also affect employee financial wellbeing, as the cost-of-living crisis continues to sweep across the UK. Some 40% of respondents claimed that worry related to increased NI contributions wer...