The Falkland Islands Treasury, following the publication of the 2018/19 Government Budget in April, reminds the public of the following welfare and pension changes that will be coming into force from 1 July onwards, and some further changes that will be effective from 1 January 2019 onwards.
From 1 July 2017:
• The retirement pensions payment will increase from £153 per week to £156 per week
• The Married Couple’s Supplement will increase to £88.43 per week
• The Winter Fuel Allowance will increase by 10%, up to a maximum of £506 per annum
• The OAP Christmas Bonus will increase by 2% to £156 per annum
• The Employment Program payment will increase from £123 per week to £125 per week
• Family allowance will increase from £68 to £75 per month and will be non-taxable from 1 January 2018 – please note that anyone who has made voluntary tax payments for family allowance since January 2018 will receive credit against their 2018 liability in the normal tax returns process in 2019 and will be given a repayment if they have overpaid tax compared to their assessed liability.
Those making voluntary tax payments on account can review their arrangements and stop making payments with immediate effect.
From 1 January 2019 changes:
• The retirement pension contribution rate (resident) will increase from £15.75 to £16.75 per week (matched by the employer); self-employed and voluntary contributions will rise to £33.50 per week
• The Minimum Wage will increase to £6.67 per hour