Minimum income guarantee

 

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Minimum income guarantee

The Minimum Income Guarantee tops up pensioners' incomes from the basic state pension. In the year 2003, the top up is to 102.10 a week for a single person to 155.80 for a couple.The MIG rises with wages inflation which tends to move faster than price inflation (on which the basic state pension is based) so in time the gap between the state pension and the MIG should grow.Anyone with assets over 12,000 is disqualified from the MIG.



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Guaranteed minimum period

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A sum paid by the importer to the guarantor, usually as a percentage per annum of the face value of the bills or notes being guaranteed.


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A commitment made by a person to be answerable for the debts or liabilities of another.A document, supplied by a manufacturer, indicating that in the event of product failure it will be repaired or replaced. This usually involves a specified time period. Also known as a warranty.


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