§ Mr. Meacherasked the Secretary of State for Social Services, in the Government Actuary's report to the Social Security Bill 1986 (Cmnd. 9711), in table 5 (p. 14), what would be the estimated joint rates of contributions for each of the years stated if the assumptions included (a) forecast growth of the economy of 3 per cent. per year, (b) growth in real earnings of 3 per cent. per year, or (c) both these assumptions, whilst other assumptions in each case remained the same.
§ Mr. Major[pursuant to his reply, 6 February 1986, c. 217]: The table shows estimated joint rates of contribution to the national insurance fund. The assumptions underlying these rates are the same as those for Table 5 in the Government Actuary's report (Cmnd. 9711) except that real earnings growth is assumed to be 3 per cent. per annum—that is variant (b) requested by the hon. Member. In practice, variants (a) and (c) do not arise because the report makes no assumption about the growth of the economy.
86W
Estimated joint rates of contribution* in respect of employed earners (before reduction for those in contracted-out employment), per cent.
of earnings
Year Existing Scheme Revised Scheme Ultimate additional numbers contracted-out ½ million 2 million 5 million Prices uprating 1993–94 13.2 13.2 13.4 13.8 2003–04 11.6 11.5 11.6 11.9 2013–14 11.6 10.6 10.6 10.8 2023–24 12.0 10.0 9.9 9.9 2033–34 12.8 9.5 9.4 9.3 2043–44 11.3 7.7 7.7 7.6 2053–54 10.3 6.7 6.7 6.7 Earnings uprating 1993–94 15.5 15.5 15.7 16.1 2003–04 16.4 16.3 16.4 16.7 2013–14 19.0 18.0 18.0 18.2 2023–24 21.8 19.8 19.7 19.7 2033–34 25.1 21.8 21.7 21.6 2043–44 23.6 20.0 20.0 19.9 2053–54 22.6 19.0 19.0 19.0 * Excluding Redundancy Fund, Maternity Pay Fund and NHS Act contributions.