(a) Employment contributions shall be paid by employed contributors and their employers in accordance with this section.
(b) Subject to paragraphs (c), (d) and (e) of this subsection and to regulations under section 11, where in any contribution year a payment is made to or for the benefit of an employed contributor in respect of reckonable earnings of that employed contributor, there shall be payable an employment contribution comprising
(i) a contribution by the employed contributor at the rate of 5.5 per cent., and
(ii) a contribution by his employer at the rate of 12.2 per cent.,
of the amount of the reckonable earnings to which such payment relates.
(c) Where in a particular contribution year an employed contributor's reckonable earnings have amounted to the sum of £21,300 and contributions under paragraph (b)(ii) have been paid in respect of those reckonable earnings, no further such contribution shall be payable in respect of any reckonable earnings of that employed co