The document summarizes major changes to the UK benefits system as outlined in the government's Emergency Budget, Comprehensive Spending Review, and Welfare Reform Bill. It details measures such as uprating benefits in line with CPI instead of earnings, freezing child benefit, limiting total benefits, time limiting contributory ESA to 1 year, and localizing council tax benefit. The new Universal Credit system will replace most working-age benefits and automatically adjust payments monthly based on earnings reported by HMRC.
The document discusses unemployment benefits in the UK and considers replacing the current National Insurance system with mandatory private unemployment insurance.
Under the current system, the government provides unemployment insurance benefits through National Insurance contributions to help the unemployed maintain living standards. However, generous benefits could discourage seeking work. Private insurance could lower taxes but may not prevent drops in consumption for some and could fail like private health insurance due to issues like discrimination, information asymmetry, and moral hazard. Replacing public benefits with private insurance could recreate problems like disincentives to work and deny coverage to vulnerable groups.
The document is an email from John Tolman to legislative chairmen informing them that the recently passed Republican budget again targets Railroad Retirement Tier 1 benefits and aims to conform them to be equal to Social Security benefits, which would eliminate certain railroad retirement benefits and negatively impact the annuities of over 120,000 non-disabled employees, 90,000 spouses, and 62,000 disabled employees. Attached is a section from the budget report outlining various policy options including changes to railroad retirement.
Saul Jacka on regulation, risk and (dened benet) pensionsHenry Tapper
This document summarizes the background and aftermath of the collapse of Equitable Life in 2000. It discusses how Equitable Life failed to properly account for and hedge the risk of guaranteed annuity rates, which ultimately led to its insolvency when interest rates fell. Several investigations and reports afterwards found regulatory failures and called for reform of pension regulation and actuarial oversight. The Pensions Regulator was established to help protect pensions, but some argue it has overly focused on reducing dependence on employer funding and covenant beyond what is reasonable.
The document summarizes major UK welfare reforms being implemented between 2011-2017, including:
1) Migration to Employment and Support Allowance (ESA) and Work Programme, with less referrals to the latter than expected.
2) Introduction of flat-rate state pension and increase in pension age.
3) Tax credit changes reducing amounts and tightening eligibility.
4) Measures in the Welfare Reform Act 2012 replacing benefits and increasing conditionality, such as the household benefit cap.
With several key benefit reforms underway and the government still aiming to cut welfare spending by at least £18bn before the next general election, social security is bound to be an issue high on the party conference agenda.
Farewell to Welfare - threats to the welfare stateCitizen Network
Simon Duffy, Director of the Centre for Welfare Reform, gave this talk on the demise of the welfare state under the leadership of the UK's Conservative Party at the University of Vasaa in May 2014.
The Affordable Care Act (ACA), signed into law in 2010, represents the most extensive healthcare reform in the United States in over 45 years. It aims to increase health insurance coverage and access to care while reducing costs. The ACA expands Medicaid eligibility and provides subsidies for private insurance plans. While increasing coverage, criticisms of the ACA include that its subsidies create incentives for certain behaviors and that costs are not equally distributed. Solutions proposed include making subsidies uniform across insurance sources to reduce distortions in the job market and healthcare system.
This document provides an overview of early learning from the rollout of Universal Credit in four northern English regions known as Pathfinder areas. It summarizes preparations by housing associations, the claims process, identifying vulnerable claimants, payment options, data sharing, landlord-DWP relationships, and recommendations. Housing associations created new roles, trained staff, and monitored Universal Credit claims by tenants. The claims process involves an online application and job center interview. Vulnerable claimants may receive budgeting support. Landlords can request alternate payment arrangements if tenants fall behind on rent. The document aims to inform the further rollout of Universal Credit based on early experiences in the Pathfinder regions.
The document discusses unemployment benefits in the UK and considers replacing the current National Insurance system with mandatory private unemployment insurance.
Under the current system, the government provides unemployment insurance benefits through National Insurance contributions to help the unemployed maintain living standards. However, generous benefits could discourage seeking work. Private insurance could lower taxes but may not prevent drops in consumption for some and could fail like private health insurance due to issues like discrimination, information asymmetry, and moral hazard. Replacing public benefits with private insurance could recreate problems like disincentives to work and deny coverage to vulnerable groups.
The document is an email from John Tolman to legislative chairmen informing them that the recently passed Republican budget again targets Railroad Retirement Tier 1 benefits and aims to conform them to be equal to Social Security benefits, which would eliminate certain railroad retirement benefits and negatively impact the annuities of over 120,000 non-disabled employees, 90,000 spouses, and 62,000 disabled employees. Attached is a section from the budget report outlining various policy options including changes to railroad retirement.
Saul Jacka on regulation, risk and (dened benet) pensionsHenry Tapper
This document summarizes the background and aftermath of the collapse of Equitable Life in 2000. It discusses how Equitable Life failed to properly account for and hedge the risk of guaranteed annuity rates, which ultimately led to its insolvency when interest rates fell. Several investigations and reports afterwards found regulatory failures and called for reform of pension regulation and actuarial oversight. The Pensions Regulator was established to help protect pensions, but some argue it has overly focused on reducing dependence on employer funding and covenant beyond what is reasonable.
The document summarizes major UK welfare reforms being implemented between 2011-2017, including:
1) Migration to Employment and Support Allowance (ESA) and Work Programme, with less referrals to the latter than expected.
2) Introduction of flat-rate state pension and increase in pension age.
3) Tax credit changes reducing amounts and tightening eligibility.
4) Measures in the Welfare Reform Act 2012 replacing benefits and increasing conditionality, such as the household benefit cap.
With several key benefit reforms underway and the government still aiming to cut welfare spending by at least £18bn before the next general election, social security is bound to be an issue high on the party conference agenda.
Farewell to Welfare - threats to the welfare stateCitizen Network
Simon Duffy, Director of the Centre for Welfare Reform, gave this talk on the demise of the welfare state under the leadership of the UK's Conservative Party at the University of Vasaa in May 2014.
The Affordable Care Act (ACA), signed into law in 2010, represents the most extensive healthcare reform in the United States in over 45 years. It aims to increase health insurance coverage and access to care while reducing costs. The ACA expands Medicaid eligibility and provides subsidies for private insurance plans. While increasing coverage, criticisms of the ACA include that its subsidies create incentives for certain behaviors and that costs are not equally distributed. Solutions proposed include making subsidies uniform across insurance sources to reduce distortions in the job market and healthcare system.
This document provides an overview of early learning from the rollout of Universal Credit in four northern English regions known as Pathfinder areas. It summarizes preparations by housing associations, the claims process, identifying vulnerable claimants, payment options, data sharing, landlord-DWP relationships, and recommendations. Housing associations created new roles, trained staff, and monitored Universal Credit claims by tenants. The claims process involves an online application and job center interview. Vulnerable claimants may receive budgeting support. Landlords can request alternate payment arrangements if tenants fall behind on rent. The document aims to inform the further rollout of Universal Credit based on early experiences in the Pathfinder regions.
The document discusses the high level of "churning" that occurs within Australia's welfare system, where around half of all welfare spending is returned to individuals in the form of benefits during their lifetime that they had previously paid in taxes. This level of churning is economically inefficient and unsustainable long-term. The document proposes several policy options to reduce churning such as making the pension and healthcare systems more voluntary and personal.
This document discusses the key impacts of the UK Welfare Reform Act and the introduction of Universal Credit on intensive housing management. It outlines changes like the "bedroom tax", benefit caps, and the transition to Universal Credit. For intensive housing management providers, there are uncertainties around whether some housing will be exempt from these changes. Potential impacts could include increased demand for temporary and exempt accommodation services. Providers may need to explore solutions like renegotiating agreements, increasing rents to cover intensive housing management costs, and developing tenancy sustainment services.
The omnibus spending bill provides $1.4 trillion to fund the government through September 2021 and includes $900 billion in COVID-19 relief. It expands the Paycheck Protection Program and provides funding for health and dependent care FSAs, the Work Opportunity Tax Credit, student loan repayment benefits, paid leave credits, unemployment insurance, and the Employee Retention Tax Credit. It also addresses surprise medical billing and delays payroll tax payments until the end of 2021.
Discussion of House and Senate Bills: The major provisions and the facts as to how they impact you and me: e.g. insured and uninsured, small business owners.
Debunking the myths: What the right-wing opponents of reform are saying and the truth.
In Issue 11 of The OHL Wire, we look at what will change on 1 July 2015 and how does divorce affect your tax and super fund. We also look at everything you need to know about taxation and deceased estates in Australia. We discuss the rules and requirements for buying property through a self-managed super fund (SMSF) in NSW. We check out upcoming events in Sydney and provide you a few ideas on how to spend your tax refund as the tax year is coming to an end.
The document proposes a six-step plan to reform the Illinois State Universities Retirement System (SURS) and set it on a path to long-term fiscal sustainability. The steps include: 1) linking annual retirement annuity increases to inflation; 2) setting the effective interest rate based on Treasury bond yields; 3) phasing in contributions from universities and colleges and increased employee contributions; 4) requiring the state to pay down unfunded liabilities on a set schedule; 5) replacing the current Tier II plan with a hybrid defined benefit and defined contribution plan for new employees. The proposal aims to reduce costs and liabilities while continuing to provide retirement security.
The document summarizes the findings and recommendations of the Commission on the Future of Health and Social Care in England. It identifies three key problems with the current system: it is unfair, funding is separate between health and social care, and services are not well coordinated. The Commission recommends a new system that 1) commissions health and social care together, 2) simplifies access and increases personal control, and 3) increases free social care provision over time. However, these changes would require more funding. The Commission believes the costs can be covered through tax increases focused on those who can afford to pay more, and that the reformed system would be more efficient and achieve better outcomes.
This memo proposes amending the tax code to provide incentives for non-profit organizations to install renewable energy equipment. Currently, for-profit entities can claim a 30% tax credit for clean energy investments but non-profits cannot access this incentive. The amendment would allow non-profits to pass these tax credits to investors using a structure similar to historic rehabilitation tax credits. This would incentivize faster renewable energy adoption by non-profits like hospitals and universities, who are large energy consumers. The memo argues this is consistent with Congress' goal of multiple incentives to accelerate clean energy deployment across all sectors.
The budget document discusses the key changes from Budget 2019 that will impact pensions, protection, and investment clients. The main points are:
- The State Pension will increase by €5 per week. The Christmas bonus for social welfare recipients will be restored to a double payment.
- The DIRT tax rate will decrease to 35% in 2019 and 33% in 2020. However, there was no change to the exit tax rate on life assurance policies.
- Income tax bands will increase slightly. The USC rate will decrease to 4.5% and thresholds will increase.
- The CAT threshold for children inheriting from parents will increase to €320,000. No other CAT changes were made.
The document discusses estate planning considerations related to unwanted heirs and the federal estate tax. It notes that upon death, assets may not automatically pass to loved ones, as unwanted heirs like taxes may claim a portion. Life insurance can be used to pay estate taxes and costs, protecting more from passing to these heirs. Several case studies and tables show how estates of different sizes may face taxes and shrinkage without proper planning.
Fair care? Finding a lasting solution to Britain’s social care crisisResolutionFoundation
The document summarizes the history of attempts to reform social care funding in England since 2009. It discusses the options considered in Labour's 2009 Green Paper, including a comprehensive state-funded system. The 2010 and 2015 elections saw parties discuss reforms without agreement on funding. The Dilnot Commission recommended a lifetime costs cap and increased means test thresholds, some aspects of which were implemented by the 2014 Care Act but then delayed. The 2017 Conservative manifesto proposed further changes before the latest Green Paper was delayed again. Most recently in 2018, the Intergenerational Commission recommended a new progressive property tax and higher asset floor/lower costs cap to better protect those with high lifetime care costs.
Tackling debt, financial resilience and vulnerability at LACEFPolicy in Practice
Deven Ghelani, Director and founder of Policy in Practice, was invited to speak at the Local Authority Civil Enforcement Forum on the topic of 'Debt, Financial Resilience and Vulnerability'. He focused on our early intervention work on arrears with local authorities who are using data analytics insights to identify vulnerability, target support and track change.
For further information visit www.policyinpractice.co.uk, call 0330 088 9242 or email hello@policyinpractice.co.uk
ILC-UK Seminar - The Private Sector's Role in Care - supported by partnershipILC- UK
The foreword to the Government’s Vision stated that they “want people to have the freedom to choose the services that are right for them from a vibrant plural market”. Of course, for this to be possible there has to be adequate funding to support the development of a care market.
This seminar explored the role of the private sector in paying for care. We explored the different options for private sector engagement in care funding in the future. We considered how these models of engagement can be best made to work and consider what Government needs to do to facilitate. We explored the role of insurance and of equity release.
Les Mayhew presented his paper on the “Role of Private Finance in Paying for Long Term Care”. Chris Horlick from Partnership Assurance highlighted current and potential innovations in insurance. Andrea Rozario from Safe Home Income Plans (SHIP) explored issues relating to asset decumulation while Nick Starling from the ABI contributed with his comments on the role insurers play in care planning and Martin Green of the English Community Care Association (ECCA) responded from the perspective of a private sector care provider.
The schedule for this event was as follows:
4.10pm Introduction from Baroness Greengross
4.15pm Professor Les Mayhew “The Role of Private Finance in Paying for Long Term Care”
4.45pm Chris Horlick, Partnership Assurance. “The role of insurance in paying for care”
5pm Andrea Rozario, SHIP “The role of Equity Release”
5.10pm Nick Starling, ABI
5.20pm Martin Green, ECCA and ILC-UK trustee “The current role and the potential of the private sector to deliver diversity, quality and choice in health and social care services”
5.30pm Discussion and debate
6.15pm Refreshments
Consensus Recommendations on How to Catalyze Low-Income Solar in DCGW Solar Institute
This research poster was featured at the 2014 Solar Symposium and is by Amit Ronen and Anya Schoolman.
Extensive conversations among roughly 70 key stakeholders in the low-income housing, solar, finance, and government sectors revealed that the necessary leadership, consensus, and resources are available to launch a groundbreaking low-income solar initiative in the District. The Expanding Low-Income Solar in DC Roundtable, hosted by the GW Solar Institute and DC Solar United Neighborhoods (DC SUN) on April 9, 2014, developed the recommendation that the city pursue a direct dollar-per-watt rebate program that incentivizes low-income participation and community solar projects, combined with a credit enhancement program that unlocks needed capital.
This research poster was created as a part of the 2014 Solar Symposium and is by James Mueller and Amit Ronen.
Fitting Clean Energy into a Reformed Tax Code” Given the looming expiration of clean energy tax incentives and the likelihood of comprehensive tax reform, the clean energy sector need to be developing pragmatic and politically attuned alternatives that fit within the context of tax reform principles. The GW Solar Institute is launching a research series, Fitting Clean Energy into a Reformed Tax Code, which seeks to develop innovative policy solutions and inform policymakers on the full range of impacts that these potential options could have.
This document summarizes the key tax proposals from the UK's 2015 budget. Some of the main points included increased personal tax allowances, the introduction of a personal savings allowance, changes to ISAs and pensions, and potential reforms to business property taxes. The budget aims to support growth and job creation through tax cuts and incentives for savings and home buying.
The document discusses two things that are missing from the Darzi report on the NHS: 1) A focus on nursing as the essence of care delivery, and developing nursing leadership. 2) A focus on team managers, who are often nurses, and empowering them to effectively lead and motivate staff to improve patient experience. The document argues these two areas are what can truly deliver personalized, dignified care, but they were not adequately addressed in the Darzi report.
The document discusses the high level of "churning" that occurs within Australia's welfare system, where around half of all welfare spending is returned to individuals in the form of benefits during their lifetime that they had previously paid in taxes. This level of churning is economically inefficient and unsustainable long-term. The document proposes several policy options to reduce churning such as making the pension and healthcare systems more voluntary and personal.
This document discusses the key impacts of the UK Welfare Reform Act and the introduction of Universal Credit on intensive housing management. It outlines changes like the "bedroom tax", benefit caps, and the transition to Universal Credit. For intensive housing management providers, there are uncertainties around whether some housing will be exempt from these changes. Potential impacts could include increased demand for temporary and exempt accommodation services. Providers may need to explore solutions like renegotiating agreements, increasing rents to cover intensive housing management costs, and developing tenancy sustainment services.
The omnibus spending bill provides $1.4 trillion to fund the government through September 2021 and includes $900 billion in COVID-19 relief. It expands the Paycheck Protection Program and provides funding for health and dependent care FSAs, the Work Opportunity Tax Credit, student loan repayment benefits, paid leave credits, unemployment insurance, and the Employee Retention Tax Credit. It also addresses surprise medical billing and delays payroll tax payments until the end of 2021.
Discussion of House and Senate Bills: The major provisions and the facts as to how they impact you and me: e.g. insured and uninsured, small business owners.
Debunking the myths: What the right-wing opponents of reform are saying and the truth.
In Issue 11 of The OHL Wire, we look at what will change on 1 July 2015 and how does divorce affect your tax and super fund. We also look at everything you need to know about taxation and deceased estates in Australia. We discuss the rules and requirements for buying property through a self-managed super fund (SMSF) in NSW. We check out upcoming events in Sydney and provide you a few ideas on how to spend your tax refund as the tax year is coming to an end.
The document proposes a six-step plan to reform the Illinois State Universities Retirement System (SURS) and set it on a path to long-term fiscal sustainability. The steps include: 1) linking annual retirement annuity increases to inflation; 2) setting the effective interest rate based on Treasury bond yields; 3) phasing in contributions from universities and colleges and increased employee contributions; 4) requiring the state to pay down unfunded liabilities on a set schedule; 5) replacing the current Tier II plan with a hybrid defined benefit and defined contribution plan for new employees. The proposal aims to reduce costs and liabilities while continuing to provide retirement security.
The document summarizes the findings and recommendations of the Commission on the Future of Health and Social Care in England. It identifies three key problems with the current system: it is unfair, funding is separate between health and social care, and services are not well coordinated. The Commission recommends a new system that 1) commissions health and social care together, 2) simplifies access and increases personal control, and 3) increases free social care provision over time. However, these changes would require more funding. The Commission believes the costs can be covered through tax increases focused on those who can afford to pay more, and that the reformed system would be more efficient and achieve better outcomes.
This memo proposes amending the tax code to provide incentives for non-profit organizations to install renewable energy equipment. Currently, for-profit entities can claim a 30% tax credit for clean energy investments but non-profits cannot access this incentive. The amendment would allow non-profits to pass these tax credits to investors using a structure similar to historic rehabilitation tax credits. This would incentivize faster renewable energy adoption by non-profits like hospitals and universities, who are large energy consumers. The memo argues this is consistent with Congress' goal of multiple incentives to accelerate clean energy deployment across all sectors.
The budget document discusses the key changes from Budget 2019 that will impact pensions, protection, and investment clients. The main points are:
- The State Pension will increase by €5 per week. The Christmas bonus for social welfare recipients will be restored to a double payment.
- The DIRT tax rate will decrease to 35% in 2019 and 33% in 2020. However, there was no change to the exit tax rate on life assurance policies.
- Income tax bands will increase slightly. The USC rate will decrease to 4.5% and thresholds will increase.
- The CAT threshold for children inheriting from parents will increase to €320,000. No other CAT changes were made.
The document discusses estate planning considerations related to unwanted heirs and the federal estate tax. It notes that upon death, assets may not automatically pass to loved ones, as unwanted heirs like taxes may claim a portion. Life insurance can be used to pay estate taxes and costs, protecting more from passing to these heirs. Several case studies and tables show how estates of different sizes may face taxes and shrinkage without proper planning.
Fair care? Finding a lasting solution to Britain’s social care crisisResolutionFoundation
The document summarizes the history of attempts to reform social care funding in England since 2009. It discusses the options considered in Labour's 2009 Green Paper, including a comprehensive state-funded system. The 2010 and 2015 elections saw parties discuss reforms without agreement on funding. The Dilnot Commission recommended a lifetime costs cap and increased means test thresholds, some aspects of which were implemented by the 2014 Care Act but then delayed. The 2017 Conservative manifesto proposed further changes before the latest Green Paper was delayed again. Most recently in 2018, the Intergenerational Commission recommended a new progressive property tax and higher asset floor/lower costs cap to better protect those with high lifetime care costs.
Tackling debt, financial resilience and vulnerability at LACEFPolicy in Practice
Deven Ghelani, Director and founder of Policy in Practice, was invited to speak at the Local Authority Civil Enforcement Forum on the topic of 'Debt, Financial Resilience and Vulnerability'. He focused on our early intervention work on arrears with local authorities who are using data analytics insights to identify vulnerability, target support and track change.
For further information visit www.policyinpractice.co.uk, call 0330 088 9242 or email hello@policyinpractice.co.uk
ILC-UK Seminar - The Private Sector's Role in Care - supported by partnershipILC- UK
The foreword to the Government’s Vision stated that they “want people to have the freedom to choose the services that are right for them from a vibrant plural market”. Of course, for this to be possible there has to be adequate funding to support the development of a care market.
This seminar explored the role of the private sector in paying for care. We explored the different options for private sector engagement in care funding in the future. We considered how these models of engagement can be best made to work and consider what Government needs to do to facilitate. We explored the role of insurance and of equity release.
Les Mayhew presented his paper on the “Role of Private Finance in Paying for Long Term Care”. Chris Horlick from Partnership Assurance highlighted current and potential innovations in insurance. Andrea Rozario from Safe Home Income Plans (SHIP) explored issues relating to asset decumulation while Nick Starling from the ABI contributed with his comments on the role insurers play in care planning and Martin Green of the English Community Care Association (ECCA) responded from the perspective of a private sector care provider.
The schedule for this event was as follows:
4.10pm Introduction from Baroness Greengross
4.15pm Professor Les Mayhew “The Role of Private Finance in Paying for Long Term Care”
4.45pm Chris Horlick, Partnership Assurance. “The role of insurance in paying for care”
5pm Andrea Rozario, SHIP “The role of Equity Release”
5.10pm Nick Starling, ABI
5.20pm Martin Green, ECCA and ILC-UK trustee “The current role and the potential of the private sector to deliver diversity, quality and choice in health and social care services”
5.30pm Discussion and debate
6.15pm Refreshments
Consensus Recommendations on How to Catalyze Low-Income Solar in DCGW Solar Institute
This research poster was featured at the 2014 Solar Symposium and is by Amit Ronen and Anya Schoolman.
Extensive conversations among roughly 70 key stakeholders in the low-income housing, solar, finance, and government sectors revealed that the necessary leadership, consensus, and resources are available to launch a groundbreaking low-income solar initiative in the District. The Expanding Low-Income Solar in DC Roundtable, hosted by the GW Solar Institute and DC Solar United Neighborhoods (DC SUN) on April 9, 2014, developed the recommendation that the city pursue a direct dollar-per-watt rebate program that incentivizes low-income participation and community solar projects, combined with a credit enhancement program that unlocks needed capital.
This research poster was created as a part of the 2014 Solar Symposium and is by James Mueller and Amit Ronen.
Fitting Clean Energy into a Reformed Tax Code” Given the looming expiration of clean energy tax incentives and the likelihood of comprehensive tax reform, the clean energy sector need to be developing pragmatic and politically attuned alternatives that fit within the context of tax reform principles. The GW Solar Institute is launching a research series, Fitting Clean Energy into a Reformed Tax Code, which seeks to develop innovative policy solutions and inform policymakers on the full range of impacts that these potential options could have.
This document summarizes the key tax proposals from the UK's 2015 budget. Some of the main points included increased personal tax allowances, the introduction of a personal savings allowance, changes to ISAs and pensions, and potential reforms to business property taxes. The budget aims to support growth and job creation through tax cuts and incentives for savings and home buying.
The document discusses two things that are missing from the Darzi report on the NHS: 1) A focus on nursing as the essence of care delivery, and developing nursing leadership. 2) A focus on team managers, who are often nurses, and empowering them to effectively lead and motivate staff to improve patient experience. The document argues these two areas are what can truly deliver personalized, dignified care, but they were not adequately addressed in the Darzi report.
Dag van de Projectontwikkeling (Vincent Ariëns)Seats2meetcom
The document discusses how societal and technological changes are transforming how people live and work. Key points discussed include:
- Cities will become more important than countries as people increasingly work remotely and connect digitally.
- Individual connections between people will become more important than traditional organizations as crowd-based and sharing models emerge.
- Access to goods and services through sharing models will become more important than outright ownership of things.
- A concept called the "Serendipity Machine" is introduced to help people unexpectedly connect with others through shared workspaces and experiences.
This document discusses trends related to the future of work and society, including the sharing economy, digitization, collaborative consumption, and the transition to knowledge work. Key concepts mentioned include co-working, experience economy, prosumption, mass customization, free agents/knowmads, and social currency. The document emphasizes how digital technologies and social networks are blurring the lines between the digital and physical worlds and enabling new forms of collaboration and knowledge sharing.
The document summarizes key aspects of India's proposed Direct Tax Code (DTC) which intends to replace the country's 50-year old Income Tax Act. Some key changes proposed in the DTC include removing most tax saving schemes, introducing a new EET system for taxing retirement savings instead of the current EEE system, modifying income tax slabs, and reducing the corporate tax rate from 34% to 30%. The DTC has faced criticism for potentially resulting in increased tax liability and litigation as well as not introducing significant simplifications to the tax system.
Pensions Act 2014: all you need to knowIus Laboris
Georgina Jones from our UK member Sackers has written this in-depth article on the Pensions Act 2014 in the August edition of PMI Technical News.
Though somewhat overshadowed by this year’s attention-grabbing Budget, the Pensions Act 2014 is a key piece of legislation. Not only does it introduce a new type of state pension and, as a consequence, sweep away contracting-out on a defined benefit basis, but it also contains several important measures for occupational pension schemes.
Pension Reform in the Netherlands – the Move to Defined Ambition PensionsAegon
The Dutch pension system is shifting from defined benefit to defined ambition pensions due to rising costs. A 2010 agreement capped contributions and shifted risks to employees. It will change the system to collective defined contribution schemes where benefits depend on returns and longevity rather than guarantees. Opposition remains regarding reducing perceived intergenerational solidarity and concerns about funds choosing high discount rates. The reforms will impact employers by removing defined benefit risks from balance sheets and employees who will bear more responsibility for retirement incomes.
PPI Response to HMT consultation- strengethening the incentive to save Sept 2015Sarah Luheshi
The document provides an overview of the current pension tax relief system in the UK and considers alternatives. It notes that the current system aims to encourage retirement saving and avoid double taxation. It then analyzes in detail how the system works, including that it follows an EET structure but offers some tax advantages. The document also examines who benefits from the current system, estimates its annual cost, and models outcomes of potential reforms like moving to a single-rate tax relief system or a TEE structure. It considers factors like incentives, transparency, and long-term impacts of any changes.
This document summarizes the major tax legislation passed in 2010 and how it affects individuals and businesses. Key points include:
- The Tax Relief Act of 2010 extended the Bush-era tax cuts through 2012, keeping income tax rates at 2010 levels.
- It maintained the 15% capital gains and dividend tax rates and increased estate tax exemptions to $5 million through 2012.
- Business provisions like bonus depreciation deductions and R&D tax credits were also extended through 2011.
- The Social Security payroll tax was reduced to 4.2% for employees for 2011 only. Medicare taxes increased for high-income individuals starting in 2013.
- Incentives like section 179 expensing were increased
This document provides six tax-saving tips for businesses:
1. Choose the optimal business structure to minimize tax liability based on level of profits.
2. Carry business losses forward to offset against future profits or other income sources.
3. Claim deductions for tax-deductible business expenses incurred close to the fiscal year-end.
4. Maximize claims for capital allowances on business equipment and machinery purchases.
5. Reclaim input VAT on fuel costs for business travel if employees are reimbursed.
6. Review company vehicle arrangements to optimize tax efficiency.
20151003 PPI Comparison of pension outcomes under EET and TEE tax treatmentSarah Luheshi
This report analyzes the impact of potential reforms to the UK's pension tax relief system, including maintaining the current EET system or moving to a TEE system. It models the effects on individuals' retirement savings based on their tax rates during working life. It finds that basic rate taxpayers tend to benefit from a flat rate EET system, while higher rate taxpayers see reduced savings under TEE or lower-rate EET. It also examines the cost implications for the government and distributional effects across income levels and ages. Finally, it considers an alternative system treating defined benefit and defined contribution pensions differently based on annual and lifetime allowances.
The document discusses upcoming reforms to state pensions and long-term care in England. For state pensions, a New State Pension will replace current plans starting in 2016, aiming to provide an income just above the minimum guaranteed by Pension Credit. Long-term care reforms introducing a lifetime cap on individual care costs have been postponed until 2020. Hypothetical scenarios are used to illustrate how different individuals may be impacted by the interactions between pension and care reforms. Key findings are that home-owners and higher earners generally benefit from both sets of reforms, while low-income renters may lose means-tested benefits that offset pension gains. The combined reforms' long-term costs and impacts depend on future policy decisions.
Active Business Series - Red Tape Regulation April 2012nevillebeckhurst
The document summarizes new UK business regulations taking effect on April 6, 2012. Key changes include an increase to the personal income tax allowance and statutory pay rates for maternity, paternity, adoption and sick pay. National Insurance Contribution thresholds will also increase. The unfair dismissal qualifying period increases to two years and employment tribunal fees are introduced. Requirements for reporting workplace injuries are extended to over seven days. Contracting out of defined contribution pensions ends and pension lifetime allowances are reduced. Luncheon vouchers are no longer tax exempt and company car tax rules are amended. Tobacco displays in shops will also be prohibited.
How does George Osborne's latest Budget affect you?
Gemini have produced this handy summary to outline the main changes discussed in the House of Commons on 20th March 2013.
Workplace Pensions - The impact on people who employ carersChris Gardner
The document discusses the impact of new workplace pension rules on individuals who employ carers. It explains that employers will now be required to automatically enroll eligible employees into a qualifying pension scheme and contribute a minimum amount. This poses challenges for elderly or vulnerable people who directly employ carers, as they will now have legal responsibilities and costs as employers. The document considers two options for how such individuals can meet the new requirements - establishing their own pension scheme or using the low-cost National Employment Savings Trust (NEST) scheme. It also notes that many elderly employers may switch to using care agencies instead, passing on the pension obligations.
The document provides a summary of the key provisions and implementation timelines of the Affordable Care Act (ACA) health reform legislation passed by Congress and signed into law by President Obama in 2010. It outlines what is required in the immediate future in 2010, as well as changes phased in between now and 2014 such as establishing insurance exchanges, essential benefits packages, and penalties for individuals and employers who do not obtain qualified health insurance coverage. The summary concludes by encouraging questions and feedback from readers to help with understanding and implementing the complex health reform law.
The document provides a summary of the key provisions and implementation timelines of the Affordable Care Act (ACA) health reform legislation passed by Congress and signed into law by President Obama in 2010. It outlines what is required immediately in 2010, and what will be required annually from 2011 through 2014, including establishing health insurance exchanges, essential benefits packages, employer and individual mandates, subsidies and penalties. The implementation is described as bringing challenges for years to come through ongoing rulemaking and changes.
News flash january 3, 2013 – president signs bill extending tax policies of c...Annette Wright, GBA, GBDS
The document summarizes key provisions of the American Taxpayer Relief Act of 2012 (ATRA) signed into law by the President on January 2, 2013. ATRA made permanent the Bush-era tax cuts for individuals earning less than $400,000 annually and couples earning less than $450,000 while allowing rates to rise for higher incomes. It also altered capital gains and dividend taxes and estate taxes. The Act extended tax exclusions for employer-provided education assistance up to $5,250 and adoption benefits including tax credits up to $10,000. It also extended the parity between employer-provided mass transit and parking benefits. However, it did not extend the temporary payroll tax holiday that had been in place.
The document discusses key provisions of recent US health care reform laws that affect employers. It outlines the employer mandate requiring employers with 50+ full-time employees to provide affordable health insurance or pay penalties. It also discusses individual mandates taking effect in 2014, essential health benefits all plans must cover, taxes and fees employers may face, and new reporting obligations for employers and health plans.
Extension of Tax Cuts, Estate Changes Highlight Final Bill of 2010RobertWBaird
The Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010 extended several expiring tax provisions, including extending the 2001 and 2003 tax cuts through 2012. It also increased the estate tax exemption to $5 million per individual for 2011-2012, reduced the top estate tax rate to 35%, and made the exemption portable between spouses. Additionally, it reduced the employee portion of the payroll tax from 6.2% to 4.2% for 2011 and extended Alternative Minimum Tax relief for 2010-2011.
This document provides a summary of recent changes to the UK welfare system. Key points include:
- The benefit cap will be set at £500 per week for couples and lone parents and £350 for single claimants from April 2013.
- Personal Independence Payments will replace Disability Living Allowance for working age claimants from April 2013.
- Time limiting of contributory Employment and Support Allowance claims will begin in April 2012 for some claimants.
- Lone parents will no longer be able to claim income support when their youngest child turns 5 from May 2012.
This document discusses retirement planning and options for saving for retirement. It notes that traditional pensions have limitations in terms of maximum annual contributions and lifetime caps. Alternative retirement investing options are mentioned, such as SIPPs which allow investing pension funds in assets beyond stocks and bonds. The document stresses the importance of periodic retirement planning reviews given changing laws, economic conditions, and individual circumstances over time. Professional advice is recommended to evaluate one's retirement planning.
This document discusses retirement planning and options for saving for retirement. It notes that traditional pensions have limitations in terms of maximum annual contributions and lifetime allowances. Alternative retirement investing options like SIPPs allow for more flexibility and control over investments but come with risks. The document emphasizes doing a periodic review of one's retirement plan to ensure it remains adequate given changing laws, economic conditions, and personal circumstances. It also highlights the need to plan proactively to achieve financial goals for retirement.
The Chancellor gave a combined Spending Review and Autumn Statement on 25 November 2015. He announced a number of measures that will affect businesses, individuals and the UK as a whole.
We have produced a 12 page Autumn Statement report which includes details of these, including sections on business initiatives, pensions, changes to personal allowances and more.
The National Health Service (NHS) in England is organized into several levels with NHS England overseeing local clinical commissioning groups that purchase services from hospitals and other providers to deliver healthcare. Key parts of the NHS structure include NHS England, 211 clinical commissioning groups, 146 foundation trusts, and partnerships with public health organizations, local councils, and other social care providers. The devolved health services of Scotland, Wales, and Northern Ireland each have their own governance and funding structures but similar models of public healthcare delivery.
The document is a website URL for www.cartoonkate.co.uk. It likely contains cartoons or illustrations by an artist named Kate. The exact content and purpose of the site is unclear from just the URL alone.
The document discusses issues around health and wellbeing seen from the perspective of local communities in east London. It summarizes that people are fearful of changes to benefits, the future of the NHS, and their ability to work. When accessing healthcare, people report that GPs are too busy, only prescribe paracetamol, and won't refer them to specialists. The document advocates for an approach that starts with the community, empowers people, and tackles social determinants of health through collaboration between communities and healthcare providers. It outlines the work of the Social Action for Health organization in bringing local people together to take responsibility for their health through training, information sharing, and advocacy.
The document discusses concerns about changes to the UK benefits system and NHS from the perspective of local communities in East London. It describes people's fears about these issues and negative experiences accessing healthcare. It then outlines the approach of Social Action for Health (SAfH) in working with local communities to empower people and improve health and well-being by addressing social determinants of health like poverty and racism. SAfH aims to build relationships, provide health information to communities, and advocate for the voices of local people.
This document discusses the negative impacts of austerity and shrinking the state, including threats to mental health, weakened social networks, and democratic accountability. It advocates for asset-based community development and participatory accountability to promote community resilience, tackle health inequalities, and save money. Strong social networks are shown to reduce mortality risk and enhance control. A resident-led partnership approach can lead to responsive services that address community needs and improve outcomes. Modest investments in these programs can yield high social returns through health and social benefits.
The National Health Service (NHS) was established in 1948 to provide universal healthcare for all UK citizens, funded through general taxation rather than private insurance. It was created based on recommendations from the 1942 Beveridge Report and the 1944 White Paper that proposed a comprehensive health service. The NHS has since expanded and evolved, including taking responsibility for community care in 1974, undergoing major reorganization in the 1980s and 1990s, increasing public involvement in decisions, and facing ongoing challenges around funding and an aging population.
The document discusses strategies to reduce health inequalities in the UK. It argues that current Labour government targets have failed to adequately address the root causes of inequality, such as economic policies that cause poverty. Instead, it advocates for a commission to review health inequalities and inform policy reforms, focusing on upstream social and economic factors beyond just outcome targets. The document also critiques New Labour's approach as emphasizing rhetoric over meaningful action on inequality issues.
1) 25 years after the Black report on health inequalities, little has changed in terms of the underlying causes and explanations of inequality.
2) New Labour's policies since 1997 have been ineffective at reducing health inequalities and have in some ways exacerbated them through privatization and marketization of the healthcare system.
3) The aim of capitalism is the unequal distribution of resources in order to create private profit, which inherently leads to inequality that is detrimental to health.
The document summarizes key findings from a 2011 survey of sicker adults in 11 countries that assessed access, affordability, quality of care and health system performance. Some of the main results presented include: 1) Out-of-pocket costs and problems paying medical bills were highest in the U.S. compared to other countries; 2) Access to same-day doctor appointments was best in Norway, Sweden and the UK, and worst in the U.S.; 3) Difficulty obtaining after-hours care without going to the emergency room was also greatest in the U.S.
This document discusses the changing landscape for integration between the NHS and social care in England. It outlines the new legislative, fiscal, and ideological contexts, including the creation of clinical commissioning groups, health and wellbeing boards, and increased competition in the healthcare system. It questions how compatible competition and collaboration are and whether these changes will facilitate deeper integration or more tactical partnerships between organizations.
The document summarizes a review of literature on integration between health and social care services. The review found that most studies focused on the process of joint working rather than why it should be done or its outcomes. Evidence showed some improvements in quality of life from integrated services but differences were marginal. Factors promoting integration included stability, continuity of relationships, and previous positive experiences, while factors hindering it included difficulties in communication, differences in perspectives, and lack of trust. There remains a need for more clarity on what integration means, new approaches to address persistent obstacles, and more robust evidence on its impact including users' experiences.
This study examined community mental health teams for older people and the outcomes and costs of different integration approaches. It found that integrated teams with social work membership facilitated access to specialist skills and resources, while non-integrated teams faced challenges in communication and joint working. Integrated teams showed higher community mental health service costs but did not reduce inpatient or care home admissions compared to low integration teams. The impact of integration on staff outcomes was unclear. Overall, the study suggests integration supports holistic care but other factors also influence outcomes.
This document discusses the challenges of integrating health and social care services between local authorities and the NHS. It argues that while integration has been a goal for decades, there have been many missed opportunities to truly integrate services. The current policy landscape claims things will be different now, but the document expresses skepticism, noting the systemic failures and that proposed solutions often try the same structural approaches rather than changing institutional designs. It advocates considering outcomes before structures and focusing on relationships, leadership, and flexibility to shift resources locally rather than just coordinating separate services.
This document discusses community development and its potential benefits for improving population health outcomes. It summarizes the HELP (Health Empowerment Leveraging Partnerships) project approach, which involves working with local residents and services to tackle issues, build social networks and make services more responsive. Evidence suggests that stronger social networks can reduce mortality risk and help address health inequalities. The HELP model has led to improved outcomes such as more responsive local services and reductions in health indicators like CVD admissions. Cost-benefit analysis indicates the HELP approach can save money compared to the investment required.
This document discusses community development and its potential benefits for improving population health outcomes. It summarizes the HELP (Health Empowerment Leveraging Partnerships) project approach, which involves working with local residents and services to tackle issues, build social networks and make services more responsive. Evidence suggests that stronger social networks can reduce mortality risk and help address health inequalities. The HELP model has led to improved outcomes such as more responsive local services and reductions in health indicators like CVD admissions. Cost-benefit analysis indicates the HELP approach can save money compared to the investment required.
This document summarizes evidence of ethnic inequalities in access to and outcomes of healthcare in the UK. It finds that while primary care use is not matched by greater secondary care, ethnic minorities experience longer wait times, poorer quality of infrastructure, and less access to follow-up and specialist care. The study aims to examine inequalities in access to primary, outpatient, and inpatient care, as well as outcomes for conditions like hypertension, cholesterol, and diabetes using UK health surveys from 1999-2004. Logistic regression is used to analyze differences in access after adjusting for demographics and health status.
The document discusses how transport policy has negatively impacted public health by contributing to issues like climate change, air pollution, obesity, and road danger. It notes that global climate change poses significant health risks and that many countries, especially the US, are experiencing obesity epidemics due to inactive lifestyles. The document argues that environments can be made more "obesogenic" and that physical activity should be incorporated into everyday activities like walking and cycling instead of driving. It provides examples from places like the UK, Switzerland, Germany, and Denmark that have successfully increased active transport through measures like reallocating road space, building bike infrastructure networks, and restricting car traffic.
Richard Armitage gave a presentation about cycling in Groningen, Netherlands, a city known as a "cycling heaven." Some key points: Over 60% of journeys within a 3km radius of the city center are made by bike. The city has invested heavily in cycling infrastructure since the 1970s, allocating 42% of its transportation budget to cycling facilities in 1976. Groningen's success is attributed to ambitious long-term planning, large investments in cycling networks and facilities, prioritizing cycling over cars in the city center, and establishing cycling as part of local culture.
The document discusses the city of Groningen in the Netherlands as a model "cycle city" that has invested heavily in cycling infrastructure and policies since the 1970s. Some key facts about Groningen are that over 37% of all trips within a 3km radius of the city center are made by bike. The city has over 10,000 bikes parked at its rail station every day. The document contrasts Groningen's success in promoting cycling with the lack of progress in the UK, citing issues such as poor leadership, low funding for cycling projects compared to driving projects, and a lack of long-term strategic vision and planning for cycling.
The introduction of competition into the English NHS appears to have had some positive effects according to evidence from the Health Reform Evaluation Programme. Competition was associated with improved clinical outcomes and shorter hospital stays. Payment by results reduced lengths of stay and increased day surgery rates more in foundation trusts. However, patient choice directly affected only a small percentage of patients and barriers limited new provider entry. Overall, the evidence suggests the NHS market reforms have had some success in improving quality but implementation has been variable.
24062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
मद्रास उच्च न्यायालय के सेवानिवृत्त न्यायाधीश और केंद्र और राज्य सरकार के नौकरशाहों सहित आठ अन्य लोगों की अध्यक्षता वाली एक उच्च स्तरीय समिति ने 2021 में NEET परीक्षा को खत्म करने की सिफारिश की थी। महत्वपूर्ण बात यह है कि रिपोर्ट में 2010-11 में ग्रामीण पृष्ठभूमि से तमिल छात्रों की संख्या में 61.5% की भारी गिरावट को दर्शाया गया है। इसके बजाय मेट्रो छात्रों में वृद्धि दर्ज की गई है।
THE MODERN CAPITALIST ECONOMY OF PERMANENT WAR.pdfFaga1939
This article aims to demonstrate the connection between capitalism and the war economy existing in the great capitalist powers that materialized throughout history from the 1st Industrial Revolution in the 18th century. Nowadays, the connection between capitalism and the war economy practiced by the great capitalist powers is increasingly evident as indispensable for understanding the games of interests that influence the dynamics of the world capitalist system. The war economy that was adopted only in times of armed conflict has become permanent. The great beneficiaries of current war capitalism are, in addition to the war industry, due to the increase in demand for weapons and ammunition, also the financial system. The great powers act as financiers and consumers of armaments production. To this end, it will look to private rentier capital for huge credits to be spent on weapons, which contributes to the growth of parasitic capital and, consequently, to its appreciation. Furthermore, war is an inexorable means for the maintenance and expansion of power by great powers. The large military complex disconnected from society required a "permanent war economy". This new economy of death is manifested in the fact that the 20th century has been, throughout history, the century of wars, contributing to 187 million deaths. Of the 10 largest arms manufacturers in the world, six are North American, five of which are leaders in the global arms industry. The United States was the one with the highest military expenditure in the world (39% of the total) in 2021. It is no coincidence that the United States is one of the countries most economically benefited from armed clashes, as the largest arms exporters in the world are North American. In addition to the sale of ammunition and weapons, the United States also monetizes with security contracts and military training, which means that many members of the US Congress understand wars as a machine for generating jobs internally and making money. Peace, for the United States, could cost it dearly. In the 21st century, preparation for war has become more central to the world capitalist system than ever before. It is evident that, as long as there is a weapons industry in the world, wars will continue to proliferate across the planet. Peace in the world will only happen when there is a cessation of weapons manufacturing in the world, the end of the arms industry and the disarmament of all countries.
Apna Punjab Media is a Punjabi newspaper that covers local and global news, cultural updates, and community events. It's a trusted source for Punjabi-speaking communities, offering a mix of traditional values and modern insights into Punjab's vibrant life and heritage.
Breaking Points – Five Symptoms of Constructive Agonism Turning into Destruct...Axel Bruns
Paper by Katharina Esau, Samantha Vilkins, Axel Bruns, Sebastian Svegaard,
Tariq Choucair, Carly Lubicz, and Kate O'Connor, presented by Katharina Esau at the P³: Power, Propaganda, Polarisation ICA 2024 postconference, Brisbane, 26 June 2024.
25062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
“What Else Are They Talking About?”: A Large-Scale Longitudinal Analysis of M...Axel Bruns
Paper by Daniel Angus, Stephen Harrington, Axel Bruns, Phoebe Matich, Nadia Jude, Edward Hurcombe, and Ashwin Nagappa, presented at the ICA 2024 conference, Gold Coast, 22 June 2024.
La defensa del expresidente Juan Orlando Hernández, declarado culpable por narcotráfico en EE. UU., solicitó este viernes al juez Kevin Castel que imponga una condena mínima de 40 años de prisión.
19 जून को बॉम्बे हाई कोर्ट ने विवादित फिल्म ‘हमारे बारह’ को 21 जून को थिएटर में रिलीज करने का रास्ता साफ कर दिया, हालांकि यह सुनिश्चित करने के बाद कि फिल्म निर्माता कुछ आपत्तिजनक अंशों को हटा दें।
What do you think is the present scenario of politics in IndiaVoterMood
The political landscape in India is dynamic and multifaceted, influenced by various social, economic, and cultural factors.
Here is an analysis of the current scenario in Indian politics:-
22062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
19 जून को बॉम्बे हाई कोर्ट ने विवादित फिल्म ‘हमारे बारह’ को 21 जून को थिएटर में रिलीज करने का रास्ता साफ कर दिया, हालांकि यह सुनिश्चित करने के बाद कि फिल्म निर्माता कुछ आपत्तिजनक अंशों को हटा दें।
3. Future Changes to the Benefits System
The government made three sets of announcements about
changes to the benefits system.
The Emergency Budget of June 22nd introduced net cuts to
the welfare system of £11bn a year by 2015.
The Comprehensive Spending Review of October 20th
added another £7bn to that.
The Welfare Reform Bill based on the White Paper
Universal Credit: welfare that works published in
November introduces a system which will replace the
current mix of benefits for those of working age.
Other announcements about ESA and replacing DLA
4. Main Benefits Related Budget Measures - 1
Benefits and tax credits to be up-rated by the
consumer price index (CPI)
From 2012 pensioner benefits will rise in line with
earnings. – Triple Guarantee
An annual Child Element Tax Credit increase of
£150 above CPI in 2011-12 and £60 above CPI in
2012-13
Child benefit frozen for the next three years
Withdrawal of Child Tax Credit for higher income
families
Ferret Information Systems 20/03/11
5. Main Benefits Related Budget Measures - 2
Baby element of Child Tax Credit abolished from
2011
Tax Credits taper rises from 39% to 41%
Introducing a £2,500 disregard for households with
a drop in income
Reducing the income disregard for increased income
Over-fifties returning to work element abolished
Local Housing Allowance (LHA) caps and
restriction to 4 bedroom rate
Ferret Information Systems 20/03/11
6. Main Benefits Related Budget Measures - 3
LHA to be set at the 30th percentile
CPI linking of LHA
Non-dependant deductions to be increased
Social rented sector limiting rents
HB reduced to 90 per cent of assessed entitlement
after 12 months of receiving JSA
A medical assessment for Disability Living Allowance
from 2013 for new and existing claimants.
Ferret Information Systems 20/03/11
7. Main Benefits Related CSR Measures - 1
Capping benefits at median earnings where no DLA
or WTC
Child Benefit withdrawn from higher rate taxpayers
Tax Credits childcare costs reduced from 80 per cent to 70
per cent
Working Tax Credit hours change for couples
Basic and 30 hour elements of the WTC are being frozen for
three years
Child element being increased by a further £30 in 2011-12
and £50 in 2012-13
Ferret Information Systems 20/03/11
8. Main Benefits Related CSR Measures - 2
Time limiting contributory ESA for those in the Work
Related Activity Group to 1 year
Increasing the age threshold for the Shared Room Rate in
Housing Benefit from 25 to 35
Council Tax Benefit cut by 10 per cent and
localising it
Removing the mobility component of Disability Living
Allowance from people in residential care, except for those
who are self-funding (?)
Ferret Information Systems 20/03/11
9. Main Benefits Related CSR Measures - 3
Freezing the maximum Savings Credit award in Pension
Credit for four years
Extending for a further year the temporary change to the
Support for Mortgage Interest scheme
No announcement has been made about extending
the two year limit of SMI for JSA claimants which
first affected people in January 2011.
Making permanent the temporary increases to Cold
Weather Payments
Ferret Information Systems 20/03/11
10. Main Benefits Related CSR Measures - 4
Reiterated their promise to uprate the basic State Pension
by a triple guarantee of earnings, prices, or 2.5 per cent,
whichever is highest
Speed up the pace of State Pension Age equalisation for
women from April 2016 so that Women‟s State Pension Age
reaches 65 in November 2018.
The State Pension Age will then increase to 66 for both
men and women from December 2018 to April 2020.
Ferret Information Systems 20/03/11
11. Main Benefits Related CSR Measures - 5
Educational Maintenance Allowance is to be “replaced” by
“locally managed discretionary funds” to target support
Social Housing Landlords will be able to set rents between
social and market levels for new tenants. They will also be
able to offer fixed-term tenancies rather than agreements
for life.
Ferret Information Systems 20/03/11
13. Welfare Reform Bill
The NEW SIMPLE SYSTEM which will start, in parallel,
from 2013 (subject to HMRC getting their IT to work)
The needs and income rules will be very much like
today’s benefits BUT the calculation & taper will be
very different
No clear division between unemployment and
employment.
The amount of earnings which people are allowed to keep
before it affects their benefits – will be abolished for single
people but made much larger for some other groups. It will
however be reduced sharply for those who need help with
their housing costs
14. Welfare Reform Bill- 2
Help with mortgage interest for home owners will
be available to all instead of, with the current
system, being limited to those ‘not in full-time
work’. (But Govt. trying to do a deal with lenders)
Total amounts of benefit, for those not in receipt of DLA,
war widows or receiving Working Tax Credit, will be
limited to the median level of earnings of working families
– about £500 for families, £350 for single people.
Self-employed people will be assumed to have a minimum
level of earnings.
15. Welfare Reform Bill- 3
Transitional protection will make sure that nobody
getting benefits will move onto a lower amount when
transferring to Universal Credit
The old and new systems will run in parallel for some
years from 2013
One standard deduction rate of 65%
Housing support for tenants and Council Tax Benefit
will become much more localised and variable from
place to place. Councils will be able to operate their
own CTB rules, with constraints (?)
25. PIP
Personal Independence Payment to replace DLA in
2013 / 2014
Consultation closed on 14 February 2011.
Working age only but considering pensioners and
children
26. PIP - 2
For Personal Independence Payment there are no
automatic entitlements, other than the special rules for
people who are terminally ill. Instead, each case will be
looked at individually, considering the impact of the
impairment or health condition, rather than basing the
decision on the health condition or impairment itself.
The new assessment will focus on an individual‟s ability to
carry out a range of key activities necessary to everyday life.
Information will be collected from the individual, as well as
healthcare and other professionals who work with and
support them.
27. PIP - 3
Personal Independence Payment should take greater
account of aids and adaptations. Mobility, for
example, may be assessed using a wheelchair.
Periodically review all awards. Individuals will still
be responsible for reporting changes that occur
between reviews and there will be penalties if an
individual knowingly fails to report a change that
would have resulted in a reduction in benefit.
28. PIP - 4
Government will consider how the benefit interacts
with other forms of support, for example adult social
care, and explore whether it is possible to share
information at the assessment stage and eliminate
areas of overlap.
29. Basis of examples - 1
Assessments start with the April 2011 values, rules and
rates and progress from those.
Values used are based on starting figures and then adjusted
in 3 ways:
Earnings, other incomes, tax bands etc. use current values.
Benefits which are to be up-rated by CPI in future have
their current values reduced by the cumulative year by year
difference between RPI and CPI
Benefits, and elements of benefits, which have been frozen
have their current values reduced by the cumulative RPI.
Ferret Information Systems 20/03/11
30. Basis of examples - 2
This, crudely, allows comparison of the real future values of
income with starting values.
The CPI and RPI forecast figures used are those produced
by the Office for Budget Responsibility.
Universal Credit assessment has been modelled by using
the figures in the White Paper with current values for items
not mentioned
Ferret Information Systems 20/03/11
31. Steady State Employment - Tenant 2 children
The examples mainly use a couple with two children
They are both aged 45 and have 2 children aged 8 and 10. They do not
have any childcare costs and make no pension contributions.
They pay rent of £86.54 per week which is exactly the Local Housing
Allowance (LHA) for their home (the figure is chosen to match the
mortgage interest payable in the examples for home owners)
They pay council tax of £1250 per annum
In example 1, we look at a „steady-state‟ situation where one member of
a couple works 35 hours a week for annual earnings of £10,000,
£20,000, £30,000, £40,000 and £50,000.
Ferret Information Systems 20/03/11
32. Example 1 – Couple 2 Kids Rent
Net Weekly
Gross Earnings Income Current UC Current UC
2011 2012 2013 2014 2014 2015 2015
£10,000.00 £430.01 £420.97 £414.58 £409.27 £406.24 £402.88 £400.46
£20,000.00 £438.45 £432.22 £427.62 £422.96 £443.64 £417.34 £437.79
£30,000.00 £483.88 £484.14 £479.54 £474.88 £489.41 £469.27 £483.56
£40,000.00 £612.69 £601.06 £599.98 £598.87 £598.87 £597.61 £597.61
£50,000.00 £718.49 £717.34 £684.79 £684.79 £684.79 £684.79 £684.79
Ferret Information Systems 20/03/11
33. Example 1 – Couple 4 Kids Rent
Net Weekly
Gross Earnings Income Current UC Current UC
2011 2012 2013 2014 2014 2015 2015
£10,000.00 £577.51 £567.42 £558.17 £550.51 £536.78 £541.19 £528.29
£20,000.00 £585.30 £575.21 £566.99 £559.33 £573.21 £550.01 £564.72
£30,000.00 £608.95 £611.77 £605.10 £598.31 £616.09 £590.05 £607.59
£40,000.00 £660.88 £663.69 £657.02 £650.23 £661.86 £641.97 £653.36
£50,000.00 £745.29 £743.23 £684.79 £684.79 £684.79 £684.79 £684.79
Note the larger effect of the loss of Child Benefit for
the highest earner.
Ferret Information Systems 20/03/11
34. Steady State Unemployment - Owner 2 children
2011 2012 2013 2014 2014 2015 2015
Unemployed £342.25 £343.85 £337.62 £333.86 £333.86 £329.09 £329.09
Ferret Information Systems 20/03/11
35. Steady State Unemployment - Tenant 2 Children
2011 2012 2013 2014 2014 2015 2015
Unemployed £358.98 £353.79 £346.45 £341.59 £341.59 £335.74 £335.74
Ferret Information Systems 20/03/11