2Contributions under National Insurance Act 1965
(1)In the Insurance Act, in Schedule 1 (which sets out the weekly rates of contributions under that Act) there shall be substituted the provisions set out in Schedule 2 to this Act for those set out in Schedule 2 to the Act of 1973 and section 5(1) of the [1973 c. 61.] Pensioners' Payments and National Insurance Act 1973 ; and there shall be paid out of money provided by Parliament any increase resulting from this subsection in the sums so payable by way of Exchequer supplement under section 7 of the Insurance Act.
(2)In section 4(1) of the Insurance Act, in the paragraph (c) inserted by the amendment made by section 1(2) of the [1969 c. 44.] National Insurance Act 1969—
(a)in sub-paragraphs (i) and (ii) (whereby, as those subparagraphs were originally enacted, the amount of any graduated contribution included 4 ¾ per cent, of any amount, up to £9, by which the relevant payment of remuneration exceeded £9 in the case of an employment other than a non-participating employment and ½ per cent, of that amount in the case of a non-participating employment), for the words " 4 ¾ per cent." and " ½ per cent." there shall be substituted respectively the words " 5.50 per cent. " and " 1.25 per cent." instead of the 5 per cent, and the 0.75 per cent, substituted by section 2(2) of the Act of 1973; and
(b)in the words following those sub-paragraphs (whereby, as those words were originally enacted, the amount of any graduated contribution included 3 ¾ per cent, of any amount, up to £12, by which the relevant payment of remuneration exceeded £18), for the words " 3 ¼ per cent." and " £12 " there shall be substituted respectively the words " 5.50 per cent. " and " £44 " instead of the 5 per cent, and £36 substituted by section 2(2) of the Act of 1973.
(3)In sub-paragraph (iii) of section 10(1)(a) of the Insurance Act (which, as amended by section 2(3) of the Act of 1973, provides that regulations may except persons from liability to pay contributions where they are not in receipt of an annual income exceeding £520), for the word " £520 " there shall be substituted the word " £650 " ; and the like substitution shall be made in any regulations in force by virtue of the said sub-paragraph (iii) at the passing of this Act.
(4)The contributions to be paid under the Insurance Act in respect of the financial year 1974-75 out of money provided by Parliament shall include, in addition to the Exchequer supplements, the sum of £315 million instead of the amount required in respect of that year by subsection (4) of section 2 of the Act of 1973, and the contributions under this subsection shall be paid in such manner and at such times as the Treasury may determine.