benefit tagged posts
March 31, 2016 New Zealand Taxation
With the start of the new financial year the New Zealand government is implementing the first non-inflation increase to welfare payments in over four decades.
On April 1st several new regulations will come into effect, raising the incomes of low-earning families, beneficiaries, and retirees.
Beneficiaries with dependent children are set to see their weekly payout increase by NZD 25, while Working for Families payments will rise by up to NZD 24.50, and Childcare Assistance will be hiked from NZD 4 per hour to NZD 5 per hour.
The increase in welfare payments are the first non-inflation hikes to be enacted over the last 43 years.
The increase in benefit payouts is balanced by stricter work requirements, with parents with dependent children now being required to return to work for 20 hours...Read More
March 1, 2016 New Zealand Finance
3 627 gang members in New Zealand have received welfare payments since 1993, with member receiving an average NZD 132 000 each over their lifetimes.
On March 1st the Ministry of Social Development of New Zealand released a new report with findings on the cost that gang members have on social and welfare systems in place in the country.
It is estimated that over the period between January 1st 1993 and December 31st 2014 gang members in New Zealand received approximately NZD 382 million in payments as part of the main benefit, with an additional NZD 143 million as part of further supplementary benefits, such as the accommodation allowance.
The total welfare payments of NZD 525 million made to gang members is estimated to equate to approximately NZD 132 000 per member.
Currently 3 960 adult ...Read More
August 17, 2015 New Zealand Taxation
The Working for Families system has lost focus, and is no longer doing enough to help families.
The Working for Families Scheme has slowly transformed away from supporting families with low-incomes and into a system which forces families to enter the workforce, according to the Child Poverty Action Group.
The Group claimed that over the course of the last year approximately 381 000 families received payments from the Working for Families, while five years ago the number of families receiving such benefits was 11 percent higher.
Spending on the scheme has also dropped, as last year approximately NZD 2.5 billion was given out through the system, while this year the IRD estimates that NZD 2.4 billion will be paid out.
It was noted that the fiscal incentives for parents to enter the workforc...Read More
November 19, 2014 New Zealand Taxation
Low income families will receive some extra financial support next year, as the limit on available tax credits is raised to account for inflation.
On November 17th the Inland revenue Department issued a new statement showing that on April 1st 2015 the level of the minimum family tax credit will rise next year.
Currently the minimum family tax credit is set at NZD 22 776 per year, which will be raised to NZD 23 036 next year.
The new limit on the tax credit scheme is intended to take into account the effects that inflation levels will have on the financial well-being of the families benefiting from the system.
The minimum family tax credit scheme provides low-incomes families or single parents in paid employment with a guaranteed minimum income each week, if the amount they earn each year...Read More