MIL-OSI United Kingdom: GAD shares expertise at ISSA global social security conference foreignaffairs.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foreignaffairs.co.nz Daily Mail and Mail on Sunday newspapers.
The Quinquennial Review of the National Insurance Fund has been published. It looks at the long-term relationship between benefit payments and contribution income.
Quinquennial Review 2020 miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.
19 January 2021
provides advice to MPs as they scrutinise the government’s draft legislation for up-rating social security benefits and pensions and updating National Insurance Contribution (NIC) terms
projects contribution income, benefit payments and the balance of the NIF over the coming financial years
Coronavirus impact
The coronavirus pandemic is impacting the NIF in several ways:
increased levels of unemployment and lower salaries (for example where employees are furloughed) are reducing income to the NIF with receipts in 2020-2021 expected to be £5.4bn lower compared with the previous (pre-pandemic) projection last year
payments of working age benefits are increasing while ‘excess deaths’ caused by the pandemic are reducing payments of pensioner benefits