Banking graduate jobs may be impacted by a planned hike in employers’ National Insurance Contributions (NICs), with calls from leading organisations to halt the increase.

The Chartered Institute of Personnel and Development (CIPD) and the British Chambers of Commerce (BCC) have written a joint letter to secretary of state for business Lord Mandelson, warning of the consequences surrounding the one percent increase scheduled for April next year.

They fear the move would counteract the impact of the government’s own measures to combat rising youth unemployment.

CIPD chief economic adviser Dr John Philpott said it was vital that nothing was done to put jobs at risk during the economic recovery.

"With many employers struggling to contain labour costs this year and next against a likely backdrop of still subdued demand, the planned hike in NICs will inevitably cost jobs," he said.

A recent report by the BCC found that UK businesses are facing costs of £25.6 billion over the next four years as a result of additional red tape and taxes, impacting their ability to hire.

"So you’re a student or graduate who wants a top paying career in Banking & Finance?”

If yes, watch the video on the right now to gain instant access to everything you need to secure a top paid career / internship in banking & finance (Valued at £197)…