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It also said the move meant it wasn't increasing taxes for working people.
However, it will have an impact on shoppers and everyday consumers as businesses look to pass on the additional costs.
Here is how you could be affected.
Store prices
A host of retailers and chains have warned they will have to hike prices on goods to cover the cost of the increase in NICs.
In a recent survey of chief financial officers at 52 leading retailers carried out by the British Retail Consortium (BRC), two thirds said they will have to raise prices.
In January, boss of M&S Stuart Machin said the retailer wanted to pass costs on “as little as possible” but had been forced to tweak itsbusiness plan for the coming years.
He added any price rises would be “small and behind the market” but did not say how much exactly they would go up by.
Cheaper pints, surprise wage boost & fuel duty freeze in Budget â but £40BILLION tax blitz will pay for it
Small shoe chain A. G. Meek is closing one of its stores this month with its boss saying it was due to the NIC hike, a reduction in business rate relief and lower footfall.
Historic department store Beales, in Bournemouth, is also ceasing trading in May with boss Tony Brown telling The Telegraph the business had become “unviable” due to the extra costs associated with the Government's Autumn Budget.
Not only will the reduced salary rises impact employees in the immediate term, but in the long term as well.
This is because it will see workers with less money to add to their pension pots.
It might also discourage employers from raising how much they contribute to their employees' workplacepensionsin thefuture.
Businesses may also end up laying off staff or taking less workers on in a bid to shore up their finances.
Top tips to boost your pension pot
DON'T know where to start? Here are some tips from financial provider Aviva on how to get going.
Understand where you start:Before you consider your plans for tomorrow, you'll need to understand where you stand today. Look into your current pension savings and research when you’ll be eligible for the state pension, and how much support you’ll receive.
Take advantage of your workplace pension:All employers are legally required to provide a workplace pension. If you save, your employer will usually have to contribute too.
Take advantage of online planning tools:Financial providersAvivaandRoyal Londonhave tools that give you an idea of what your retirement income will be based on how much you're saving.
Find out if your workplace offers advice:Many employers offer sessions with financial advisers to help you plan for your future retirement.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].