job offering £12k- any back to work help? (tax credits etc?

Russe11

merlin68 wrote: »

My food shopping is for two adults, two teenagers a dog and a cat. It also includes packed lunches for all of us.
Just because the gov recommend pension costs of £75 a week doesn't mean you have to do it.
No one I know saves that much.
To be fair you can't be spending that much on things at the moment if your on JSA. We are about £50 a week better of from being in work.

I understand pension provision is a choice, but the wage should allow you to make that choice.

No one you know saves £75 a week?

Does that tell you there is something wrong with the level of wages?

CrashUK

if your on your own £12k is very low and would not pay the bills. I am £12.5k a year pay is low for the job I do.. I should get 16-18k.. My out going is just over £1000. So if I was on my own I would have to go on jsa so I could eat. if you have been on jsa for a long time like a year you could get a topup with tax credits as it will go on your last years income. so could get maybe £40-80 per week till the end of the tax year.

Russe11

CrashUK wrote: »

if your on your own £12k is very low and would not pay the bills. I am £12.5k a year pay is low for the job I do.. I should get 16-18k.. My out going is just over £1000. So if I was on my own I would have to go on jsa so I could eat. if you have been on jsa for a long time like a year you could get a topup with tax credits as it will go on your last years income. so could get maybe £40-80 per week till the end of the tax year.

Single person(£1920) over 25, with the 30 hour element(£790) is a maximum of £2710 a year...
2710 / 52 = 52.1153846 per week

wottonby

Russe11 wrote: »

I understand pension provision is a choice, but the wage should allow you to make that choice.

No one you know saves £75 a week?

Does that tell you there is something wrong with the level of wages?

I think you may find that the government are going to make it a compulsory payment into your own pension scheme at sometime in the future!

Without that level of payment being made, you will find that when you retire all you will be able to afford is bread and water!
Very shortsighted in not making these payments!

My generation are the last of those that will receive a reasonable pension from the state when they retire + a good final salary pension from an amployment.

There will come a time within years, when the OAP will be worth zilch and that you will be expected to make contributions for your own retirement income out of your current income.

Russe11

wottonby wrote: »

I think you may find that the government are going to make it a compulsory payment into your own pension scheme at sometime in the future!

Without that level of payment being made, you will find that when you retire all you will be able to afford is bread and water!
Very shortsighted in not making these payments!

My generation are the last of those that will receive a reasonable pension from the state when they retire + a good final salary pension from an amployment.

There will come a time within years, when the OAP will be worth zilch and that you will be expected to make contributions for your own retirement income out of your current income.

I'm the one saying its nessersary, someone else on this thread said it was crazy.

I personally know a friend younger than me that makes a contribution of around 25% of their salary, they are on a high paying city job though and I think the company they work for pays in double what they invest, catch is it has to be their in house investment so its giving themselves the business. Prob be retired come 50 maybe earlier and i'll only just be considering home ownership at the time.

Russe11

Its compolsary from next year that employers have to contribute, going to put further stops to wage increases?

wottonby

Russe11 wrote: »

Its compolsary from next year that employers have to contribute, going to put further stops to wage increases?

And so it should be!!

Far too many people are hoping and expecting that the state will provide for them when they retire. They will have a shock!!!

Googlewhacker

Russe11 wrote: »

Its compolsary from next year that employers have to contribute, going to put further stops to wage increases?

I don't think this is correct, it will be an opt OUT system where everyone is put onto a pension scheme and then you can opt out.

However I do believe that it will go that way where it will be compulsory for employers to pay into a pension scheme for the employee in the future.

Russe11

wottonby wrote: »

And so it should be!!

Far too many people are hoping and expecting that the state will provide for them when they retire. They will have a shock!!!

Sure will be, in 30-40 years time I think there will be far bigger problems than worrying about drawing a pension however.

wottonby

Googlewhacker wrote: »

I don't think this is correct, it will be an opt OUT system where everyone is put onto a pension scheme and then you can opt out.

However I do believe that it will go that way where it will be compulsory for employers to pay into a pension scheme for the employee in the future.

I believe it will become compulsory in the near future for BOTH employer AND employee, with a minimum amount to be contributed by the employee that WILL provide for a basic living standard at retirement. As for the employer, they will have to MATCH the employees contribution level £ for £.

How that will impact on profitability is another thing, maybe wages will be held back as well as an increase in price of the finished product. The employer after all is the person that provides the jobs, and nothing should penalise them for that.