michaels wrote: »
Just for interest, if you can afford to:
Salary 60k, 3 kids, after tax/benefits about 40k
Salary sacrifice 48k to pension to make salary minimum wage (12k)
Net after tax/benefits about 22k.
Loss of income 18k.
Increase in pension 48k
If you have no savings you can also get free school meals, council tax benefit etc.
Loss to the exchequer 30k
Law of unintended consequences?
zagfles wrote: »
I think people are increasing realising this - many on £60k+ incomes have large amounts in savings, and if they're going to sacrifice £10k to a pension, why not go further and sacrifice more, gaining them tax credits as well, particularly if they have 3+ kids.
With 4 kids, the tax credit limit is about £45k, or even higher with childcare, so once you start sacrificing below that level you start getting tax credits as well as child ben. Worth thinking about if you have savings to live off...
Gentile wrote: »
Some of the policies are brought in to help people in genuine need and tackle some extreme circumstance. However, this country is so awash with people who feel "entitled" that they go about hunting loopholes and fiddling the system in such a way that they can exploit the loophole legally and on "paper". Same goes for huge corporations who avoid tax and very high earners who pay no tax. They all exploit policies in place intended to help some one else.
Gaz1971 wrote: »
If you earn 50k a year and need benefits, you should hang your head in shame. £960 quid a week income and you need benefits?
The only thing worse than people claiming this are the idiots who have been authorising this for years.
FBaby wrote: »
FGS, it's not about need, it's about entitlement. Most on £50k don't NEED CB, however, in light of the fact that they are most likely to work long hours, in stressful positions, having to travel further to work, had student loans to repay, and of course, already contributing a large share of their pay, they feel that it was only fair they should be entitled to something back.
One can agree or disagree, however, I do understand the feeling of disbelief that the gap in disposable income between those who top up their income with significant amounts of benefits and those who work hard and get nothing seems to be getting smaller and smaller.
Gentile wrote: »
Why ? You want the government to hand out dough which it doesnt have ?
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