`The Chartered Institute of Payroll Professionals
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A call for support on the employment of veterans
Published: 19 December 2022 Emailed: 21 December 2022
The National Insurance (NI) relief scheme has been accessible to employers for employing veterans since April 2021. But how many businesses in the UK are recognising the valuable skills offered by veterans?
Rachel Hopkins, Labour MP for Luton South, put a question to the government: ‘‘To ask the Chancellor of the Exchequer, how many businesses received National In surance contributions holidays for employing armed service leavers’’. In response, Victoria Atkins, Conservative MP for Louth and Horncastle answered: ‘‘Between April 2022 and October 2022, 470 employers claimed the National Insurance contributions relief for employers who hire veterans’’. Additionally, the new Veteran Employers Group (VEG), established by the Office for Veterans’ Affairs , came together to support veterans in employment and help them enter employment after leaving the Armed Forces. VEG intends to identify best practice in veteran employability and identify potential barriers to employment that the government can address. The NI relief scheme is available for a year from the date a veteran starts their first civilian job, regardless of when they left the regular armed forces. If you are an employer, remember to check for eligible employees as you could making savings through NI relief. You can find out more on the scheme by visiting the GOV.UK site.
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Consumer Price Inflation (CPI) rate update
Published: 18 January 2023 Emailed: 25 January 2023
The UK inflation rate has dropped to 10.5%, this has partially been due to the fall of fuel prices, as well as the costs of clothes.
Consumer price inflation is the rate at which the prices of goods and services bought by households rise or fall. It is estimated by using price indices. The Office for National Statistics (ONS) keeps track of prices, in a ‘‘shopping basket’’ of around 700 popular goods and services bought by households. This is reviewed every year, so that the index is representative and to up to date. The Consumer Prices Index (CPI) rose by 10.5% in the 12 months to December 2022, down from 10.7% in November and 11.1% in October, according to data released by the ONS today. However, the rate for December 2022 is still close to a 40-year high, where prices such as food, continue to rise.
So the question is, will the modest ease in the rate of inflation stop hiking interest rates? Keep an eye out for our update on the upcoming Bank of England bank rates, set to be released on 2 February 2023.
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The UK public and employers back veterans
Published: 19 January 2023 Emailed: 25 January 2023
A new study by YouGov, polled more than 12,000 people including the public, employers, healthcare professionals and members of the media across the UK, into perceptions of former military personnel.
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