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Pay-related social insurance (new rates of contributions and increase in earnings ceiling).
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5.—(1) Section 10 (1) of the Principal Act is hereby amended by the substitution of—
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(a) “3.75 per cent.” for “3.5 per cent.” and “9.55 per cent.” for “8.5 per cent.” in paragraphs (b) (i) and (b) (ii), respectively, and
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(b) “£8,500” for “£7,000” in paragraph (c).
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(2) Section 11 (1) of the Principal Act is hereby amended by the substitution of “2 per cent.” for “1.8 per cent.”, “5.2 per cent.” for “4.7 per cent.” and “3.2 per cent.” for “2.9 per cent.” in paragraphs (b) (i), (b) (ii) and (b) (iii), respectively.
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(3) Section 65 of the Principal Act is hereby amended by the substitution of “0.3 per cent.” for “0.45 per cent.” in subsection (2) (a) (ii).
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(4) This section shall come into operation on the 6th day of April, 1981.
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