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Examples of how it would work:
Superannuation, Welfare, Education and
Healthcare
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Single person or married couple no children
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Existing Position
Year Week |
Proposed Position
Year Week |
| Income
|
26,000 |
500 |
26,000 |
500 |
| Current Taxation |
5,200 |
100 |
------ |
------ |
| Net Income |
20,800 |
400 |
26,000 |
500 |
| Increase in
income |
|
|
5,200 |
|
| Savings for
retirement |
|
|
4,000 |
|
| Income available
for insurance purposes * Employer to contribute to insurance cover as well |
|
|
1,200* |
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Existing Position
Year Week |
Proposed Position
Year Week |
| Income
|
36,000 |
692 |
36,000 |
692 |
| Current Taxation |
7,420 |
143 |
2,220 |
43 |
| Net Income |
28,580 |
549 |
33,780 |
649 |
| Increase in
income |
|
|
5,200 |
|
| Savings for
retirement |
|
|
4,000 |
|
| Income available
for insurance purposes * Employer to contribute to insurance cover as well |
|
|
1,200* |
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Existing Position
Year Week |
Proposed Position
Year Week |
| Income
|
20,800 |
400 |
20,800 |
500 |
| Current Taxation |
4,050 |
78 |
(1,150) |
(22) |
| Net Income |
16,750 |
322 |
21,950 |
422 |
| Increase in
income |
|
|
5,200 |
|
| Savings for
retirement |
|
|
4,000 |
|
| Income available
for insurance purposes * Employer to contribute to insurance cover as well |
|
|
1,200* |
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Married couple 2 dependent children
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Existing Position
Year Week |
Proposed Position
Year Week |
| Income
|
76,500 |
1,470 |
76,500 |
1,470 |
| Current Taxation |
22,000 |
425 |
------ |
------ |
| Net Income |
54,500 |
1,055 |
76,500 |
1,470 |
| Increase in
income |
|
|
22,000 |
|
| Savings for
retirement |
|
|
8,000 |
|
| Income available
for education and insurance
* Employer to contribute to insurance cover as well |
|
|
14,000* |
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Existing Position
Year Week |
Proposed Position
Year Week |
| Income
|
52,000 |
1,000 |
52,000 |
1,000 |
| Current Taxation |
12,650 |
244 |
(9,350) |
181 |
| Net Income |
39,350 |
756 |
51,350 |
1,181 |
| Increase in
income |
|
|
22,000 |
|
| Savings for
retirement |
|
|
8,000 |
|
| Income available
for education and insurance
* Employer to contribute to insurance cover as well |
|
|
14,000* |
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Married couple both working 2 dependent children
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Existing Position
(1) (2) |
Proposed Position
(1) (2) |
| Income
|
47,200 |
47,200 |
47,200 |
47,200 |
| Current Taxation |
11,000 |
11,000 |
------ |
------ |
| Net Income |
36,200 |
36,200 |
47,200 |
47,200 |
| Increase in
income |
|
|
22,000 |
|
| Savings for
retirement |
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|
8,000 |
|
| Income available
for education and insurance
* Employer to contribute to insurance cover as well |
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14,000* |
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Chart 1 |
Superannuation - Married (both partners qualify)
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Retirement Superannuation & Healthcare Fund |
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Contributions at $4,000 a Year Real & 5% Interest (Real)
2% Inflation) |
|
1 Year |
Start Year |
Contribution |
7% Interest |
Balance end year |
| |
|
$4,000 Real |
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Each Year |
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|
|
1 |
|
4,000 |
280 |
4,280 |
|
2 |
4,280 |
4,080 |
440 |
8,800 |
|
3 |
8,800 |
4,160 |
760 |
13,720 |
|
4 |
13,720 |
4,240 |
1,110 |
19,070 |
|
5 |
19,070 |
4,320 |
1,480 |
24,870 |
|
6 |
24,870 |
4,400 |
1,890 |
31,160 |
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7 |
31,160 |
4,480 |
2,340 |
37,980 |
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8 |
37,980 |
4,570 |
2,810 |
45,360 |
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9 |
45,360 |
4,660 |
3,340 |
53,360 |
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10 |
53,360 |
4,740 |
3,900 |
62,000 |
|
11 |
62,000 |
4,830 |
4,510 |
71,340 |
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12 |
71,340 |
4,930 |
5,160 |
81,430 |
|
13 |
81,430 |
5,030 |
5,880 |
92,340 |
|
14 |
92,340 |
5,130 |
6,640 |
104,110 |
|
15 |
104,110 |
5,230 |
7,470 |
116,810 |
|
16 |
116,810 |
5,530 |
8,370 |
130,710 |
|
17 |
130,710 |
5,640 |
9,340 |
145,690 |
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18 |
145,690 |
5,750 |
10,400 |
161,840 |
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19 |
161,840 |
5,870 |
11,530 |
179,240 |
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20 |
179,240 |
5,980 |
12,750 |
197,970 |
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21 |
197,970 |
6,100 |
14,070 |
218,140 |
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22 |
218,140 |
6,220 |
15,490 |
239,850 |
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23 |
239,850 |
6,340 |
17,010 |
263,200 |
|
24 |
263,200 |
6,460 |
18,650 |
288,310 |
|
25 |
288,310 |
6,590 |
21,110 |
316,010 |
|
26 |
316,010 |
6,720 |
22,360 |
345,090 |
|
27 |
345,090 |
6,860 |
24,400 |
376,350 |
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28 |
376,350 |
7,000 |
26,590 |
409,940 |
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29 |
409,940 |
7,140 |
28,950 |
446,030 |
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30 |
446,030 |
7,280 |
31,480 |
484,790 |
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31 |
484,790 |
7,420 |
34,190 |
526,400 |
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32 |
526,400 |
7,570 |
37,110 |
571,080 |
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33 |
571,080 |
7,720 |
40,250 |
619,050 |
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34 |
619,050 |
7,870 |
43,610 |
670,530 |
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35 |
670,530 |
8,030 |
47,210 |
725,770 |
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36 |
725,770 |
8,190 |
51,090 |
784,950 |
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37 |
784,950 |
8,530 |
55,240 |
848,720 |
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38 |
848,720 |
8,700 |
59,710 |
917,130 |
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39 |
917,130 |
8,870 |
64,500 |
990,500 |
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40 |
990,500 |
9,050 |
69,650 |
1,069,200 |
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41 |
1,069,200 |
9,230 |
75,170 |
1,153,600 |
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42 |
1,153,600 |
9,420 |
81,080 |
1,244,100 |
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43 |
1,244,100 |
9,610 |
87,430 |
1,341,140 |
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44 |
1,341,140 |
9,800 |
94,220 |
1,445,160 |
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45 |
1,445,160 |
10,000 |
101,510 |
1,556,670 |
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46 |
1,556,670 |
10,200 |
109,320 |
1,676,190 |
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47 |
1,676,190 |
10,400 |
117,710 |
1,804,300 |
| Chart 2
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Reduction in pension |
|
Year |
Age |
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Capital Sum
Individual Married Couple |
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1 |
63 |
Zero |
4,280 |
8,560 |
|
2 |
62 |
" |
8,800 |
17,600 |
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3 |
61 |
" |
13,720 |
27,440 |
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4 |
60 |
1% |
19,070 |
38,140 |
|
5 |
59 |
2% |
24,870 |
49,740 |
|
6 |
58 |
3% |
31,160 |
62,320 |
|
7 |
57 |
4% |
37,980 |
75,960 |
|
8 |
56 |
5½% |
45,360 |
90,720 |
|
9 |
55 |
7% |
53,360 |
106,720 |
|
10 |
54 |
8½% |
62,000 |
124,000 |
|
11 |
53 |
10% |
71,340 |
142,680 |
|
12 |
52 |
12½% |
81,430 |
162,860 |
|
13 |
51 |
15% |
92,340 |
184,680 |
|
14 |
50 |
17½% |
104,110 |
208,220 |
|
15 |
49 |
20% |
116,810 |
233,620 |
|
16 |
48 |
24% |
130,710 |
261,420 |
|
17 |
47 |
28% |
145,690 |
291,380 |
|
18 |
46 |
32% |
161,840 |
323,680 |
|
19 |
45 |
36% |
179,240 |
358,480 |
|
20 |
44 |
40% |
197,970 |
395,940 |
|
21 |
43 |
45% |
218,140 |
436,280 |
|
22 |
42 |
50% |
239,850 |
479,700 |
|
23 |
41 |
56% |
263,200 |
526,400 |
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24 |
40 |
62% |
288,310 |
576,620 |
|
25 |
39 |
68% |
316,010 |
620,020 |
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26 |
38 |
74% |
345,090 |
690,180 |
|
27 |
37 |
80% |
376,350 |
752,700 |
|
28 |
36 |
86% |
409,940 |
819,880 |
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29 |
35 |
93% |
446,030 |
892,060 |
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30 |
34 |
----- |
484,790 |
969,580 |
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Note :
(1) Retiree cannot get less than what they receive today.
(2) Full health support in retirement given to people in this category.
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