The contribution levels have now been confirmed at a minimum of 8% of qualifying (band) earnings.
This is made up of 3% employer, 4% employee and 1% from the Government in the form of tax relief.
It is proposed that contributions will be phased in as follows:
Year |
Employer |
Employee |
Tax Relief |
Year 1 |
1% |
1% |
0.25% |
Year 2 |
2% |
3% |
0.75% |
Year 3 |
3% |
4% |
1.00% |
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