What does national insurance mean?
Definitions for national insurance
na·tion·al in·sur·ance
This dictionary definitions page includes all the possible meanings, example usage and translations of the word national insurance.
Princeton's WordNet
national insurancenoun
social insurance program in Britain; based on contributions from employers and employees; provides payments to unemployed and sick and retired people as well as medical services
ChatGPT
national insurance
National insurance is a system of taxation used in certain countries, where both employers and employees make contribution towards a fund. This fund is then used to provide various benefits to individuals such as pension, unemployment benefits, disability benefits, and other welfare-related schemes. The purpose of national insurance is to provide financial support to individuals during times of need, such as during old age, sickness, or unemployment. It works on the principle of social security and solidarity, where everyone contributes to ensure support for all. The exact structure, benefits, and contribution rates can vary between different countries.
Wikidata
National Insurance
National Insurance in the United Kingdom is a system of contributions paid by workers and employers towards the cost of certain state benefits. It was initially a contributory system of insurance against illness and unemployment, and later also provided retirement pensions and other benefits. It was first introduced by the National Insurance Act 1911, expanded by the Labour government in 1948 and has been subject to numerous amendments in subsequent years. The contributions component of the system, "National Insurance Contributions", paid by employees and employers on earnings, and by employers on certain benefits-in-kind provided to employees. The self-employed contribute partly by a fixed, weekly or monthly payment, and partly on a percentage of net profits above a certain threshold. Individuals may also make voluntary contributions, in order to fill a gap in their contributions record and thus protect their entitlement to benefits. Contributions are collected by HM Revenue and Customs through the PAYE system, along with Income Tax and repayments of Student Loans. The benefit component comprises a number of contributory benefits of availability and amount determined by the claimant's contribution record and circumstances. Weekly income benefits and some lump-sum benefits to participants upon death, retirement, unemployment, maternity and disability are provided.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of national insurance in Chaldean Numerology is: 4
Pythagorean Numerology
The numerical value of national insurance in Pythagorean Numerology is: 1
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