According to a report from the Isle of Man Online news service earlier this week, the jurisdiction's government is giving serious consideration to proposals to enact a 1% increase in national insurance (NI) contributions similar to that announced in the UK in April.
IOM Online revealed that the latest quarterly report to the Council of Ministers points out that although the increase would be an additional cost for Manx businesses, local employers were 'indifferent' when the government cut contributions by a similar amount ten years ago.
The quarterly report, cited by the news service, explains that an increase in NI contributions might even have benefits for employers based on the Island, suggesting that:
'To the extent that it would have an effect it could serve to make employers more conscious of their labour usage and perhaps improve their effective use of labour.'
Responding to a question in the House of Keys earlier this month Chief Minister, Richard Corkhill announced that discussions were still ongoing regarding the proposals, which it has been estimated could cost taxpayers on the Isle of Man around £10 million.
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