United Kingdom
United Kingdom The insured person’s contributions also finance sickness and maternity benefits, work injury benefits, and unemploy- United Kingdom ment benefits. Exchange rate: US$1.00 = 0.74 pounds (£). Social assistance: None. Self-employed person Social insurance: A flat rate of £2.85 a week (£2.95 a Old Age, Disability, and Survivors week as of April 2018) for earnings greater than £6,025 (£6,205 as of April 2018) but less than £8,164 (£8,424 as Regulatory Framework of April 2018) plus 9% of declared annual earnings from £8,164 to £45,000 (£8,424 to £46,350 as of April 2018) First laws: 1908 (old-age pension), 1911 (disability insur- ance), and 1925 (old-age and survivors’ insurance). plus 2% of declared annual earnings greater than £45,000 (£46,350 as of April 2018). 1992 (consolidated legislation), 1995 (pen- Current laws: 15.5% of the self-employed person’s contribution is allo- sions), 1999 (welfare reform and pensions), 2000 (child sup- cated to the National Health Service for medical benefits. port, pensions, and social security), 2002 (pension credit), 2004 (pensions), 2007 (pensions), 2009 (welfare reform), The self-employed person’s contributions also finance the 2011 (pensions), 2014 (pensions), and 2015 (State pension employment and support allowance (incapacity benefit) and regulations). maternity allowance. Type of program: Social insurance and social assistance Social assistance: None. system. Employer Note: In April 2016, a new State Pension was introduced Social insurance: 13.8% of employee’s earnings greater for workers retiring on or after April 6, 2016. The new State than £157 a week (£162 a week as of April 2018).
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