Economics The Government and the Personal Lifecycle

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  • Created by: Beswick26
  • Created on: 03-12-15 11:31
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  • The Government and the Personal Lifecycle
    • Adolescence
      • Student loans
      • Education maintenance allowance
        • £10-£30 to encourage pupils from poorer families to continue their education
    • Working age people
      • Tax credits
        • A state benefit paid to employees through the tax system, which acts like a negative tax
      • Jobseeker's Allowance
        • A benefit paid to people unemployed and looking for work
    • Old Age People
      • Old age pension
        • Paid to people over 65 who have paid sufficient national insurance contributions
      • Winter fuel allowance
    • How they fund it - taxes
      • Income tax (PAYE)
        • Basic rate is 20% but can increase to 40%
        • Personal tax allowance - certain amount before tax
      • National Insurance Tax


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