In 2023, employers' social contributions in the UK's ICT sector were noted to be considerably lower than the projected figures for 2024, which show a rise to 16.1 billion pounds sterling. The forecast from 2024 to 2028 indicates a steady increase in social contributions, with a compound annual growth rate (CAGR) suggesting consistent growth around 2.37% annually. Year-on-year growth between 2024 and 2025 is 2.54%, and it remains steady around similar values through to 2028 with an average increase of about 2.5% yearly, reflecting a stable expansion in employer contributions.
Future trends to watch for:
- The impact of ongoing digital transformation could further drive up contributions as demand for skilled ICT professionals rises.
- Policy changes regarding taxation and employer contributions may alter forecasts, and need close monitoring.
- Technological advancements, such as AI and automation, might influence employment structures, affecting overall social contribution values.