National InsuranceFirst introduced by the National Insurance Act of 1911, the National Insurance system continues to fund some of the most important and necessary programs.
The National Insurance system is very similar to that of the UK. Currently, there are 4 classes of contribution with Class 1 being the most used as it is for employers and employees.
How are contributions made?
For employees, national insurance will be taken out of your pay check automatically by your employer. The rate of this is 11-12%, depending on wages. If you are self-employed, you will be in Class 2 or 4 with your contribution coming as a percentage of profits.
What do National Insurance payments fund?
National Insurance payments go towards the NHS (National Health Service), State Pensions, unemployment benefits, maternity allowance and other social programs.
What is the NHS?
The NHS is one of the crowning jewels of National Insurance allowing residents to seek medical attention at no ‘out of pocket’ cost. The Isle of Man has 14 GP practices around the island and a state of the art hospital, Nobles. The Isle of Man also has a fantastic Doctor on Duty phone service called MEDS (Manx Emergency Doctor Service) for any middle of the night mini-emergencies. (If you have chest pain or a life-threatening emergency you should always call 999.)
For more information about National Insurance, CLICK HERE.