What is a good salary?

halfmist said:
There are just too many people in the Country ever to make real changes down at the individual level. If there was a redistribution of wealth very quickly things would soon start to revert back, some would make money others would lose it. Human nature
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I am not necessarily advocating a redistribution of wealth - I have no desire to punish or penalise wealthy people.
I am advocating fairness. Just pay your taxes.
That means the government needs to change the taxation system away from one which benefits owning stuff because it has a lower tax on income from it than earnings does.

It will also mean that employers should be told now that, at a given point in the future, there will be no Universal Credit because all wages will be expected to meet the minimum threshold.

The additional tax raised should partly be used to deliver a national social housing programme. Rent for social housing should be fixed at a level proportionate to the wage of a full-time minimum wage employee. This will incentivise the government to maintain progress on minimum wage as rental income will rise as this figure rises.

The savings from Universal Credit can be used to reinstate effective social care.

Other issues to sort out:
Invest in building industry in forgotten towns to give people hope and take away any lingering excuse not to work.
Stop lying to voters about immigration. Accept it and deal with it by sorting out the backlog and allowing successful asylum claimants to begin working and contributing.
Stop pretending that making drugs illegal stops people using. Invest that time and energy in rehabilitation and education programmes while moving towards legal supply.
 
Kompany Car said:
If only your last line was true !

Its a joke that you've paid in 43yrs and yet you will get no more than someone who has only paid in 35yrs. If you put more in, you should get more back out, even if those other 8yrs are at a reduced rate.
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I retire in three years so will have paid in 46 years, I think I will get around 1k a month State pension but I have a relatively small pension pot that I will draw on every year
This will take me over the £12750 taxable allowance so effectively I will pay tax on my pension.
The government relaxing pension rules a few years ago has duped many people into drawing some or all their pension out for whatever reason.taking someone with a salary around the 45k range dropping into the 40 percent tax bracket.
Without careful planning these twats will hammer you with tax.

I feel for the younger generation when it comes to state pension as they will be asked to work till they are late 60s or even seventies where a lot of people will die before they see a penny.

Like I said these cunts know what they are doing.
 
oldius said:
I am not necessarily advocating a redistribution of wealth - I have no desire to punish or penalise wealthy people.
I am advocating fairness. Just pay your taxes.
That means the government needs to change the taxation system away from one which benefits owning stuff because it has a lower tax on income from it than earnings does.

It will also mean that employers should be told now that, at a given point in the future, there will be no Universal Credit because all wages will be expected to meet the minimum threshold.

The additional tax raised should partly be used to deliver a national social housing programme. Rent for social housing should be fixed at a level proportionate to the wage of a full-time minimum wage employee. This will incentivise the government to maintain progress on minimum wage as rental income will rise as this figure rises.

The savings from Universal Credit can be used to reinstate effective social care.

Other issues to sort out:
Invest in building industry in forgotten towns to give people hope and take away any lingering excuse not to work.
Stop lying to voters about immigration. Accept it and deal with it by sorting out the backlog and allowing successful asylum claimants to begin working and contributing.
Stop pretending that making drugs illegal stops people using. Invest that time and energy in rehabilitation and education programmes while moving towards legal supply.
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You have made some useful points which I agree with.
I just think that what sounds good in theory can be very difficult to implement in practice.
I know very little about the benefits system but I guess the level of Universal Credit paid depends on an individual’s personal/ family circumstances.
If an employer was told they would have to make up any deficit by increasing pay to a level that covers those personal circumstances then it makes that person extremely vulnerable when it comes to redundancies or in the recruitment selection process.
Younger single people with no ties would surely go to the front of the queue.
I have done many sets of Accounts where the level of profit made ie the owners wages is lower for the owner than any member of their staff and if the cost of employing staff has to rise to cover your suggestion many might as well just pack it in.
 
roach3 said:
I retire in three years so will have paid in 46 years, I think I will get around 1k a month State pension but I have a relatively small pension pot that I will draw on every year
This will take me over the £12750 taxable allowance so effectively I will pay tax on my pension.
The government relaxing pension rules a few years ago has duped many people into drawing some or all their pension out for whatever reason.taking someone with a salary around the 45k range dropping into the 40 percent tax bracket.
Without careful planning these twats will hammer you with tax.

I feel for the younger generation when it comes to state pension as they will be asked to work till they are late 60s or even seventies where a lot of people will die before they see a penny.

Like I said these cunts know what they are doing.
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I still can’t bet my head round, if you earn more you pay significantly more NI, yet only get the same as everyone else, you are basically supplementing others, why after you’ve paid 35 years shouldn’t it stop, so if you carry on working you get effectively a pay rise. I pay tax on my fire service pension and when I receive my state pension I will be taxed on that as well.
Like you say many will never receive their pension or only for a short amount of time before they pop their clogs or the money is used to pay for a care home!
 
roach3 said:
I retire in three years so will have paid in 46 years, I think I will get around 1k a month State pension but I have a relatively small pension pot that I will draw on every year
This will take me over the £12750 taxable allowance so effectively I will pay tax on my pension.
The government relaxing pension rules a few years ago has duped many people into drawing some or all their pension out for whatever reason.taking someone with a salary around the 45k range dropping into the 40 percent tax bracket.
Without careful planning these twats will hammer you with tax.

I feel for the younger generation when it comes to state pension as they will be asked to work till they are late 60s or even seventies where a lot of people will die before they see a penny.

Like I said these cunts know what they are doing.
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I am afraid it’s always been like that as regards pensions whoever is in power.
It’s not all bad though, those paying in to a private pension will have had tax relief on the payments in and when the private pension pot is ready to pay out, 1/4 can be taken tax free.
 
Blue Maverick said:
I still can’t bet my head round, if you earn more you pay significantly more NI, yet only get the same as everyone else, you are basically supplementing others, why after you’ve paid 35 years shouldn’t it stop, so if you carry on working you get effectively a pay rise. I pay tax on my fire service pension and when I receive my state pension I will be taxed on that as well.
Like you say many will never receive their pension or only for a short amount of time before they pop their clogs or the money is used to pay for a care home!
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If Governments over the years had ring fenced your NI payments and put them in to a separate
pot allocated to you then yes it would be yours.
But as we all know NI is tax under a different name and your money has long been spent.
Todays tax payers are paying for todays pensioners and as we are an aging population there is trouble ahead.
 
halfmist said:
If Governments over the years had ring fenced your NI payments and put them in to a separate
pot allocated to you then yes it would be yours.
But as we all know NI is tax under a different name and your money has long been spent.
Todays tax payers are paying for todays pensioners and as we are an aging population there is trouble ahead.
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Indeed it is, yet ours is one of the worst in Europe, you can look at your NI payment history online, when I first started in 1987 my NI contributions where around £500 a year, my final year it was around £4500! That’s 35 years almost exactly, (although from 85-87 it was paid by the government due to higher education) so 37 in total. They want us to go back to work in our 50s to help the job market, ok then I shouldnt pay anymore NI then, income tax should be enough. I know that will never happen but it’s just nit worth me going back doing anything as once taxed I’ll be working for fuck all.
 
roach3 said:
I retire in three years so will have paid in 46 years, I think I will get around 1k a month State pension but I have a relatively small pension pot that I will draw on every year
This will take me over the £12750 taxable allowance so effectively I will pay tax on my pension.
The government relaxing pension rules a few years ago has duped many people into drawing some or all their pension out for whatever reason.taking someone with a salary around the 45k range dropping into the 40 percent tax bracket.
Without careful planning these twats will hammer you with tax.

I feel for the younger generation when it comes to state pension as they will be asked to work till they are late 60s or even seventies where a lot of people will die before they see a penny.

Like I said these cunts know what they are doing.
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Im not sure what you're getting at with the bit I've put in bold.
You can withdraw 25% as a tax free lump sum, other than if its less than 10k there are rules on small pension pots but thats about it. You will have to pay income tax on anything above the threshold but dont pay any NI, but when you pay into the pension in the first place you dont pay tax on the money, its taken before tax. So at worst you're saving on the NI element and getting 25% of it back after growth with no tax whatsoever.
 
Blue Maverick said:
Indeed it is, yet ours is one of the worst in Europe, you can look at your NI payment history online, when I first started in 1987 my NI contributions where around £500 a year, my final year it was around £4500! That’s 35 years almost exactly, (although from 85-87 it was paid by the government due to higher education) so 37 in total. They want us to go back to work in our 50s to help the job market, ok then I shouldnt pay anymore NI then, income tax should be enough. I know that will never happen but it’s just nit worth me going back doing anything as once taxed I’ll be working for fuck all.
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I dont have that much of an issue with continued payment of NI, its just a tax and like all taxes it should be there to redistribute wealth to some extent to pay for services. However there should be some recognition of paying more NI beyond 35yrs.
 
Kompany Car said:
I dont have that much of an issue with continued payment of NI, its just a tax and like all taxes it should be there to redistribute wealth to some extent to pay for services. However there should be some recognition of paying more NI beyond 35yrs.
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Maybe a gold clock!
 
Blue Maverick said:
Indeed it is, yet ours is one of the worst in Europe, you can look at your NI payment history online, when I first started in 1987 my NI contributions where around £500 a year, my final year it was around £4500! That’s 35 years almost exactly, (although from 85-87 it was paid by the government due to higher education) so 37 in total. They want us to go back to work in our 50s to help the job market, ok then I shouldnt pay anymore NI then, income tax should be enough. I know that will never happen but it’s just nit worth me going back doing anything as once taxed I’ll be working for fuck all.
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To rub salt in to the wounds of some on here,I have to agree the system is unfair. I too had my early years paid for by the state whilst in education and then for many years me and my Mrs paid a salary that just covered minimum NI contributions and took the balance as dividends, all above board and legal of course.
I have received notification that I will receive my full pension in November despite contracting out of the state system for several years.
I suppose the State will argue that NI contributions are not just to fund pensions.
Yes, the whole system requires root and branch reform but no Government would be brave enough to be so radical as it puts them in the firing line.
 
roach3 said:
I feel for the younger generation when it comes to state pension as they will be asked to work till they are late 60s or even seventies where a lot of people will die before they see a penny.
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I'm 35 and resigned to the fact there either won't be a state pension, or the age you can take it will be too late. I think the government effectively acknowledged this too when they brought in auto enrollment onto company pension schemes a few years back.

The younger generation (which I include myself) really need to ensure they are contributing a good amount of their salary or they will have to work until they die. But it's difficult when salaries are relatively low, and cost of living is high.
 
halfmist said:
I am afraid it’s always been like that as regards pensions whoever is in power.
It’s not all bad though, those paying in to a private pension will have had tax relief on the payments in and when the private pension pot is ready to pay out, 1/4 can be taken tax free.
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Yeh I understand that mate but say you have a 100k pension pot and drawdown 10k a year
After the 25% tax free
Your gonna be taxed 20% on that drawdown
Effectively 2k of the state pension per year.
So you’re getting fuckall after paying 43 years of Nat insurance.
Of course they will argue these days it’s not just state pension it’s nhs etc but try get an operation these days it takes years.
Anyway I’m just ranting lol
 
There are too many planks on here who think their NI contributions pay for their state pensions.
They don’t.
Their NI contributions pay for today’s pensioners.
To qualify for any state pension paid by tomorrow’s workers you need 10 years contributions yourself and 35 for a full state pension.
 
halfmist said:
Where is the money coming from for your people’s housing programme which sounds like something from Communist China
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Simple.

1. Savings on Housing Benefit.
2. Rents from the tenants x 40 years (life of loan).

We used to do stuff like this without thinking about it. But then someone decided it was better to use public money - note, public money - to subsidise relatively wealthy and very wealthy private citizens instead.

As I said, most of my proposal is pure Thatcherism. What isn't is straightforward 1950s consensus politics, which gave us the best society humankind has ever created. Unlike the current shit tip, which is gradually turning into a damp and cold version of Brazil.
 
denislawsbackheel said:
There are too many planks on here who think their NI contributions pay for their state pensions.
They don’t.
Their NI contributions pay for today’s pensioners.
To qualify for any state pension paid by tomorrow’s workers you need 10 years contributions yourself and 35 for a full state pension.
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Yeah I was gonna say. If you really wanted to have a national pension scheme, then you would have people contribute to a compulsory savings scheme that is held and invested until they retire. Then you can trade in the savings for a certain level of pension. But what actually happened is people were promised a cut of future tax revenue in exchange for paying for current pensioners. And if the future tax revenues aren't enough to pay for all of the pensioners, it's ultimately not economically viable no matter how much you personally paid in. We could easily end up in a situation like most of the world where older generations get very limited government help and basically have to rely on family to pay for them in their old age. It costs me 20 quid every time I visit my wife's grandma, for example (and she has two).
 
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