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Supplementary Benefit
Supplementary Benefit was a means-tested benefit in the United Kingdom, paid to people on low incomes, whether or not they were classed as unemployed, such as pensioners, the sick and single parents. Introduced in November 1966, it replaced the earlier system of discretionary National Assistance payments and was intended to 'top up' other benefits, hence its name. To qualify a claimant had to demonstrate that their capital was below the limit, £6,000, and that their weekly income was less than their requirements, as calculated in accordance with the benefits regulations. The Supplementary Benefits Commission was established alongside the Ministry of Social Security by the Ministry of Social Security Act 1966 to work to administer the new benefits. Richard Titmuss was appointed vice-chair of the Commission. In 1968 the Ministry of Social Security was incorporated into the new Department of Health and Social Security (DHSS). The benefit was paid weekly, through giro cheques and o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Means-tested Benefit
A means test is a determination of whether an individual or family is eligible for government assistance or welfare, based upon whether the individual or family possesses the means to do without that help. Canada In Canada, means tests are used for student finance (for post-secondary education), legal aid, and "welfare" (direct transfer payments to individuals to combat poverty). They are not generally used for primary and secondary education which are tax-funded. Means tests for public health insurance were once common but are now illegal, as the Canada Health Act of 1984 requires that all the provinces provide universal healthcare coverage to be eligible for subsidies from the federal government. Means tests are also not used for pensions and seniors' benefits, but there is a clawback of Old Age Security payments for people making over $69,562 (in 2012). The Last Post Fund uses a means test on a deceased veteran's estate and surviving widow to determine whether they are eligi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unemployed
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for work during the reference period. Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed). Unemployment can have many sources, such as the following: * new technologies and inventions * the status of the economy, which can be influenced by a recession * competition caused by globalization and international trade * policies of the government * regulation and market Unemployment and the status of the economy can be influenced by a country through, for example, fiscal policy. Furthermore, the monetary authority of a country, such as the central bank, can influence the availability and cost for money through its monetary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Assistance
National Assistance was the main means-tested benefit in the United Kingdom from 1948 to 1966. It was established by the National Assistance Act 1948 and abolished by the Ministry of Social Security Act 1966, which established the Supplementary Benefit in its place. It replaced earlier provisions under the Poor Law. The Beveridge Report of 1942 proposed a system of contributory benefits which would leave only a residual role for means-tested benefits. "Assistance will be available to meet all needs which are not covered by insurance. It must meet those needs adequately up to subsistence level, but it must be felt to be something less desirable than insurance benefit; otherwise the insured persons get nothing for their contributions." The National Assistance Board was established to direct the scheme, taking over from the Unemployment Assistance Board. There were close similarities between the National Assistance regulations of 1948 and the pre-war Unemployment Assistance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Rule
The capital rule is a British rule for determining eligibility for social security benefits. The means tested social security system in the United Kingdom has always operated an eligibility test for savings. The Poor law required claimants to be destitute but there does not appear to be any documentation about how the test of destitution was applied. The great increase in home-ownership during the twentieth century in the UK necessitated detailed rules about how a claimant's capital should be treated. Since at least 1948 the value of a claimant's home has been disregarded in assessing their resources. Capital has always been assessed on a household basis, that is jointly for a couple, whether or not married. The capital of any dependent children is normally disregarded. The National Assistance Act 1948 established that the value of the claimant's home should be disregarded, as were war savings and up to £375 in savings. Capital in excess of £50 but below £375 was treated as ge ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ministry Of Social Security (UK)
In 1966, the Supplementary Benefits Commission (part of the National Assistance Board) was merged with the Ministry of Pensions and National Insurance to form the new Ministry of Social Security, as part of the Ministry of Social Security Act 1966. History In November 1968, the Ministry of Health and the Ministry of Social Security were merged to create the new Department of Health and Social Security The Department of Health and Social Security (commonly known as the DHSS) was a ministry of the British government in existence for twenty years from 1968 until 1988, and was headed by the Secretary of State for Health and Social Services. His ... (DHSS). References Defunct departments of the Government of the United Kingdom 1966 establishments in the United Kingdom 1968 disestablishments in the United Kingdom {{UK-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ministry Of Social Security Act 1966
The Ministry of Social Security Act 1966 was a piece of legislation passed by the United Kingdom Parliament to establish the Supplementary Benefits Scheme whereby the National Assistance Board was transformed into the Supplementary Benefit Board. By merging this with the Ministry of Pensions and National Insurance, the new Ministry of Social Security was created. The Act received royal assent Royal assent is the method by which a monarch formally approves an act of the legislature, either directly or through an official acting on the monarch's behalf. In some jurisdictions, royal assent is equivalent to promulgation, while in other ... on 3 August 1966. References {{reflist United Kingdom Acts of Parliament 1966 Social security in the United Kingdom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Titmuss
Richard Morris Titmuss (1907–1973) was a pioneering British social researcher and teacher. He founded the academic discipline of social administration (now largely known in universities as social policy) and held the founding chair in the subject at the London School of Economics. His books and articles of the 1950s helped to define the characteristics of Britain's post World War II welfare state and of a universal welfare society, in ways that parallel the contributions of Alva Myrdal and Gunnar Myrdal in Sweden. He is honoured in the Richard Titmuss Chair in Social Policy at the LSE, which is currently held by Julian Le Grand. Titmuss's association with eugenics extended beyond the British Eugenics Society, to encompass other personal and intellectual connections. He is also honoured by the annual Richard Titmuss Memorial Lecture in the Paul Baerwald School of Social Work at the Hebrew University of Jerusalem, Israel. Early life Titmuss was born 16 October 1907 at Lane ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Department Of Health And Social Security
The Department of Health and Social Security (commonly known as the DHSS) was a ministry of the British government in existence for twenty years from 1968 until 1988, and was headed by the Secretary of State for Health and Social Services. History Until 1968 the social security responsibilities had been split between the Ministry of Pensions and National Insurance, and the health responsibilities by the Ministry of Health. In 1988 the department was split again into a separate Department of Health and the Department of Social Security. In 2001 the Department for Work and Pensions was formed from the Department of Social Security, absorbing the employment functions which had previously been the responsibility of the Department for Education and Employment since the dissolution of the Department of Employment in 1995. Ministers * Minister of State for Health and Social Security Impact Even two and a half decades after its abolition, the initials "DHSS" continue to be used ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Giro (banking)
A giro transfer, often shortened to giro (), is a payment transfer from one bank account to another bank account and initiated by the payer, not the payee. The debit card has a similar model. Giros are primarily used in Europe; although electronic payment systems exist in the United States (e.g., the Automated Clearing House) and Canada (e.g., Interac e-transfer), it is not possible to perform third-party transfers with them. In the European Union, there is the Single Euro Payments Area (SEPA), which allows electronic giro or debit card payments in euros to be executed to any euro bank account in the area. Name The word "giro" is borrowed from Dutch "''giro''" and/or German "''giro''", which are both from the Italian "''giro''" meaning "circulation of money". The Italian term comes via the Latin "''gyrus''" meaning "gyre" from the Greek "''gyros''" meaning "circle". History and concept Giro systems date back at least to Ptolemaic Egypt in the 4th century BC. State granary d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Order Book
An order book is the list of orders (manual or electronic) that a trading venue (in particular stock exchanges) uses to record the interest of buyers and sellers in a particular financial instrument. A matching engine uses the book to determine which orders can be fully or partially executed. Order book in securities trading In securities trading, an order book contains the list of buy orders and the list of sell orders. For each entry it must keep among others, some means of identifying the party (even if this identification is obscured, as in a dark pool), the number of securities and the price that the buyer or seller are bidding/asking for the particular security. Price levels When several orders contain the same price, they are referred as a price level, meaning that if, say, a bid comes at that price level, all the sell orders on that price level could potentially fulfill that. Crossed book When the order book is part of a matching engine, orders are matched as the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Post Office
A post office is a public facility and a retailer that provides mail services, such as accepting letters and parcels, providing post office boxes, and selling postage stamps, packaging, and stationery. Post offices may offer additional services, which vary by country. These include providing and accepting government forms (such as passport applications), and processing government services and fees (such as road tax, postal savings, or bank fees). The chief administrator of a post office is called a postmaster. Before the advent of postal codes and the post office, postal systems would route items to a specific post office for receipt or delivery. During the 19th century in the United States, this often led to smaller communities being renamed after their post offices, particularly after the Post Office Department began to require that post office names not be duplicated within a state. Name The term "post-office" has been in use since the 1650s, shortly after the legali ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Insurance
National Insurance (NI) is a fundamental component of the welfare state in the United Kingdom. It acts as a form of social security, since payment of NI contributions establishes entitlement to certain state benefits for workers and their families. Introduced by the National Insurance Act 1911 and expanded by the Labour government in 1948, the system has been subjected to numerous amendments in succeeding years. Initially, it was a contributory form of insurance against illness and unemployment, and eventually provided retirement pensions and other benefits. Currently, workers pay contributions from the age of 16 years, until the age they become eligible for the State pension. Contributions are due from employed people earning at or above a threshold called the Lower Earnings Limit, the value of which is reviewed each year. Self-employed people contribute partly through a fixed weekly or monthly payment and partly on a percentage of net profits above a threshold, which is revi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
