Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Glasgow Live
Glasgow Live
National
Alex Evans & Sophie Buchan

Martin Lewis explains potential £780 boost for workers in November pay packet

Martin Lewis has said that people who are currently employed will be getting a boost in their paycheque this month.

The financial guru told an audience over over three million who tuned into his ITV Martin Lewis Money Show Live on Tuesday night (November 8) that it means their take-home pay cold go up by at least £30 and for some, as much as £790.

However this comes down to how much money you earn.

READ MORE: John Lewis Christmas advert 2022 airs as retailer gives emotional light to 'overlooked issue'

The money saving expert explained in his 'time for a quickie' segment took viewers through several fire money tips and news items, including the National Insurance rates cut from this month, reports Yorkshire Live.

He said: "Expect more in your take-home pay this month. Most National Insurance rates dropped to 12 per cent (1.25 per cent points)" and then explained how much that change would save the average viewer.

He explained the difference it will make to each pay bracket as the following:

  • Someone earning £12,570 per year - £0 gain per year
  • £15,000 - £30
  • £20,000 - £93
  • £40,000 - £343
  • £75,000 - £780

The first sign of this payment should be seen in individual's November pay packets whilst the National Insurance tax cut or rather the reversal of the recent rise, is already in effect having taken place on November 6 (Sunday).

The cut comes following Rishi Sunak's National Insurance increase, implemented earlier in the year, has been cancelled from November in a policy u-turn overseen by now-ex chancellor Kwasi Kwarteng and former PM Liz Truss. And even though Rishi Sunak, who implemented the policy as chancellor, is now Prime Minister, the National Insurance tax rise cancellation is still going ahead - for now.

ITV Martin Lewis Money Show Live aired on Tuesday night. (ITV/Martin Lewis Money Show Live.)

Sign up to Glasgow Live newsletters for more headlines straight to your inbox

The government's website says about the change: "The tax cut was announced by the government on 22 September, as part of the reversal of the Health and Social Care Levy.

"Working people across the UK will begin receiving the tax cut in their payslips this month, with all expected to have started receiving it by February.

"The move to reverse April National Insurance increase follows the rise in National Insurance thresholds in July. As a result of both measures, working people will be £500 better off, on average, next year.

"Funding for health and social care services will be maintained at the same level as if the levy were in place."

READ NEXT:

Glasgow cafe awarded 'best brunch' in Shawlands 2022 by locals

Aldi shoppers hail Shark vacuum 'identical' dupe saving shoppers £140 on 'must have' product

Argos shoppers praise £54 'very warm' blanket that doesn't use any electricity

£500 bank account boost as over 30 million households due payment from this week

McDonald's cutlery change through all UK locations called 'waste of time' by diners

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.