The [1965 c. 51.] National Insurance Act 1965 and the [1966 c. 6 (N.I.).] National Insurance Act (Northern Ireland) 1966 shall each have effect as if in Schedule 1 to that Act (which sets out the weekly rates of contributions under that Act) the amounts of weekly contributions set out in Parts II to IV thereof payable by the descriptions of persons set out in the first column of the following Table (in the case of employers, in respect of the descriptions of employed persons specified in that column) were increased by the amount shown in the second column of that Table.

There shall be paid out of moneys provided by Parliament any increase resulting from subsection (1) above in the sums so payable by way of Exchequer supplement under section 7 of the National Insurance Act 1965.

There shall be paid out of moneys appropriated from the Northern Ireland Exchequer any increase resulting from subsection (1) above in the sums so payable by way of Exchequer supplement under section 7 of the National Insurance Act (Northern Ireland) 1966.

Any expression used in the National Insurance Act 1965 or in the National Insurance Act (Northern Ireland) 1966 and in this section has the same meaning in this section as in that Act; and the references in this section to employed persons shall be construed in accordance with Part II of Schedule 1 to that Act.