Rachel Reeves' Bold Pension Move

British finance minister Rachel Reeves plans to impose national insurance on employers' pension contributions, exempting public sector workers. This initiative, part of her upcoming budget on October 30, aims to generate 15.4 billion pounds and will reimburse public sector employers, including the NHS and government departments.

British finance minister Rachel Reeves is set to implement a significant policy change in her October 30 budget. The move involves imposing national insurance on employers' pension contributions, a decision that will primarily exempt public sector employees, according to The Times.

This policy is projected to generate an impressive 15.4 billion pounds, equivalent to around $19.99 billion. While public sector employers such as the NHS and government departments will be reimbursed, private sector employers will bear the brunt of this new financial responsibility.

The proposal reflects an effort to bolster national revenues and address fiscal challenges while protecting public sector entities from the financial impact of these changes.

(With inputs from agencies.)