Social insurance benefits are taxed, that happens already.
Child benefit is not taxed.
Social assistance is not taxed.
Most (oldies) paid up to 67% income tax in their working life.
The comparison on both levels with the UK is alarming.
......................Absolutely agree.
At today's exchange rates, our maximum contributory OAP is now around 35% more generous than the UK equivalent. As you say, that's alarming.
The UK pension seems to be miserly, not sure its a comparison we want to have ?.
Absolutely agree.
At today's exchange rates, our maximum contributory OAP is now around 35% more generous than the UK equivalent. As you say, that's alarming.
Hasn't Iain Duncan Smith , Secretary of State for work and pensions stated that a single tier state pension of approx Stg £ 155 weekly is to be paid from 2016 ?
Fair play Deiseblue - previous comparisons were comparing apples and oranges - the 35% differential is completely inappropriate for comparison purposes.
It's not beyond the bounds of possibility that our State pension is simply unaffordable.
Hasn't Iain Duncan Smith , Secretary of State for work and pensions stated that a single tier state pension of approx Stg £ 155 weekly is to be paid from 2016 ?
It is impossible to do a pure "apples to apples" comparison between two systems with different eligibility criteria, benefits, pensionable ages, etc. Comparing the UK's incoming single-tier pension (as opposed to the UK's basic rate pension) to our own contributory old age pension also suffers from this problem.
In any event, whatever way you run the numbers, it is unarguable that our pension benefits are very materially more
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