PAYG Social Care

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 PAYG Social Care

A PAYG (pay as you go) scheme has the big advantage that it could start with lower tax rates, one half or one per cent, for example, but rates would have to increase after about five years and eventually, after 20 years would probably exceed tax rates in the funded scheme – meaning the currently-young would pay more over their working lives. Total contributions, in either case, would be capped, e.g. by applying those increases to basic-rate income tax only. The cap is reasonable because otherwise many people would pay in more than they could ever hope to get back even in the worst case where they required lengthy and extensive social care. The scheme will necessarily be redistributive, being mainly of benefit to people with low incomes and modest wealth. Yet the intention is also to pool a risk across society so that those unfortunate enough to require expensive care are helped with the burden. Given a cap on contributions, everyone should have the possibility of benefitting.

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