EMPLOYMENT
Page 21
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EARLY RETIREMENT INCENTIVE
The allowances paid by the Government under its Job Release Scheme were increased last week.
The Job Release Scheme makes it easier for older workers to give up work early and to release their jobs to unemployed people. It gives a weekly allowance from the date the person leaves work until the state pension age, provided the employer replaces him with an unemployed person.
Men aged 64, women aged 59 and disabled men aged 60 to 63 are eligible to join the scheme.
The new allowances that came into force on April 7 are as follows: Men aged 64 and women aged 59, married with a dependant spouse whose net income does not exceed £13 a week: £65.50 a week tax-free; for all others £51.95 a week, tax free.
Disabled men aged 60-63 who are married with a dependant wife whose net income does not exceed £13 a week, £74 a week, taxable: for all others £60.65 a week, taxable.
The part-lime Job Release Scheme (which encouraged older workers to switch to part-time working) closes on May 30.
Details are available from the Department of Employment.