Gareth Davies MP has today welcomed the news that all employers who employ veterans will be exempt from paying National Insurance on the first 12 months of their employment.
From 6th April 2021, businesses that employ Armed Forces veterans will benefit from a national insurance holiday for the first year of the employee's service in civilian life.
The holiday means employers can take advantage of the tax relief, which will be saving them a 13.8% contribution based on employees earnings of more than £732 a month.
“This was a manifesto commitment in the 2019 Conservative Manifesto and so I am delighted to see it implemented this week. This will be available to all employers regardless of when the veteran left the regular armed forces, provided they have not been employed since leaving service. I have raised the issue of veterans employment many times in the House of Commons, including at Prime Minister’s Question time so it is really good to see this latest policy to support our veterans as they make the transition from service to civilian life.”
Veteran’s Minister Johnny Mercer MP commented:
“Having a job is the single biggest factor that transforms the life chances of Veterans and their families. From today for the first time in UK history, employers are incentivised by central government to give our people that chance. This is a significant moment.”
For more information on the scheme please visit: here