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PART III
Social Insurance Contributions
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Employment contributions (new rates of contributions and increase in earnings ceiling).
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6.—(1) Section 10 (1) (inserted by section 7 of the Act of 1994) of the Principal Act is hereby amended by—
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(a) the substitution for paragraph (b) of the following paragraph:
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“(b) Subject to paragraph (c) and to regulations under section 11, where in any contribution week a payment is made to or for the benefit of an employed contributor in respect of reckonable earnings of that employed contributor, there shall be payable a contribution by the employed contributor at the rate of 5.5 per cent, of the amount of reckonable earnings in excess of £50 in that week in respect of each employment (or the equivalent thereof in the case of an employed contributor remunerated otherwise than on a weekly basis) to which such payment relates.”,
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(b) the substitution in paragraph (c) of “£21,500” for “£20,900”, and
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(c) the substitution in paragraph (d) of “£231” for “£173” in both places where it occurs.
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(2) This section shall come into operation on the 6th day of April, 1995.
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