Social Security
contribution level

Employers must pay a 6.5% rate on their employees’ earnings up to SEL, and 2.5% between the SEL and UEL in 2024.
Contribution Levels 2022
Contribution Levels 2021
Contribution Levels 2024

Motor Finance

Business and Personal Cars

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Secured Loans

Home Improvements, extensions and developments

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Bridging Loans

Larger projects & short term funding

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Property

Bespoke property finance

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Contribution levels from
1 January 2024

Table showing percentage of wage that must be contributed per month up to the Standard Earnings Limit of £5,450.

​Who must pay​Percentage of wage to be contributed
​Employee 6.0% January to December 2024
​Employer
6.5% up to the SEL
Employer2.5% between the SEL and UEL

Table showing the Monthly Earnings Limits and maximum Class 2 contribution rate per month.

Monthly Earnings Limit​Amount per month
​Upper Earnings Monthly Limit (UEL)£24,850
​Standard Earnings Monthly Limit (SEL)£5,450
​Lower Earnings Monthly Limit (LEL)£1,164
​Maximum rate Class 2 contribution£1,080
Standard Rate£632.50

Contribution levels from
1 January 2022

Table showing percentage of wage that must be contributed per month up to the Standard Earnings Limit of £4,764.

​Who must pay​Percentage of wage to be contributed
​Employee6.0% January to December 2022
​Employer
6.5%

Table showing the Monthly Earnings Limits and maximum Class 2 contribution rate per month.
Monthly Earnings Limit​Amount per month
​Upper Earnings Monthly Limit (UEL)£21,724
​Standard Earnings Monthly Limit (SEL)£4,764
​Lower Earnings Monthly Limit (LEL)£1016.00
​Maximum rate Class 2 contribution​£1,019.50
Standard Rate£595.50

Contribution levels from
1 January 2021

Table showing percentage of wage that must be contributed per month up to the Standard Earnings Limit of £4,610.
​Who must pay​Percentage of wage to be contributed
​Employee4.0% January to June 2021
6.0% July to December 2021
​Employer
6.5% up to £4,610 then an additional 2.5% between £4,610 and £21,030
Table showing the Monthly Earnings Limits and maximum Class 2 contribution rate per month.
Monthly Earnings Limit​Amount per month
​Upper Earnings Monthly Limit (UEL)£21,030
​Standard Earnings Monthly Limit (SEL)£4,610
​Lower Earnings Monthly Limit (LEL)£980.00
​Maximum rate Class 2 contribution​£894.55 January to June.
£986.75 July to December
Standard Rate£484.05