Autumn Budget 2024: Employers' NI hike's impact on group protection

The hike of 1.2 percentage points is accompanied by a change in the threshold at which employers pay NI, it will drop from £9,100 a year to £5,000. The rise in national insurance rates and a reduction in thresholds for payment could result in financial strain on business, especially small and mid-sized enterprises (SMEs) as the margins thin due to increased taxation. This strain may lead to some businesses cutting back on other services, putting group protection, employee benefits packages and group healthcare in the firing line. Peter Hamilton, head of market engagement, Zurich In...