Essay on Pension and National Insurance

Submitted By EMILIE68
Words: 343
Pages: 2

Your personal information: Your name and permanent home address will be shown here. If you're on long-term sick leave, for example, this means that you should still usually be able to receive your payslip.
Tax code and National Insurance number: Your tax code is given to you by the Inland Revenue - it tells your employers how much tax to deduct from your pay. If you have the wrong tax code you could end up paying too much or too little tax.
Your National Insurance (NI) number is also usually shown on your payslip. You have to have a NI number to work in the UK, and it stays the same for your whole life, even if you move abroad or change your name. Your NI number is like your personal account number for the whole social security system.
Payments - wages, bonuses, etc.: This section shows the amount of your wages before any deductions (gross wages), like tax, pension or national insurance contributions. It might also show a breakdown of how your pay was calculated - maybe an hourly or weekly rate multiplied by the number of those hours or weeks you've worked. It could also show any bonuses or commission you've earned.
Educations - taxes, pension, etc.: Your payslip must show the amount of any fixed deductions (such as trade union subscriptions). It'll also show individual amount of any variable deductions, like tax, National Insurance and pension contributions, which have been made from your pay.
Year to date: Usually, you'll see a section that shows how much you've been