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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