moll.
Learn to science.
- Joined
- Aug 19, 2008
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- HSC
- 2008
I was reading a TIME article a little while back and the author came up what I thought was a fantastic scheme for encouraging people to do more charity and community work. This is it, with an Australian spin:
- We take the baby bonus (maybe increase it by a few thousand more) and rather than giving it to the mother we invest it in the market.
- After the child completes year 12 we will give them the total amount in their fund if they complete a year of full-time volunteer work.
- At around 7% (conservative estimate) return per annum, with an initial investment of $7,000, (assuming the child finishes year 12 at age 18) this would be a payout of around $23,659. It's not heaps, but it's enough to provide an incentive.
Some other things and options to consider:
- If they complete one/two (depending on what works best) years in the military after graduating they get the account money on top of the regular army salary. This would solve manpower shortages we have.
- It provides incentive to stay in school after year 10
- We could make it available to tertiary graduates as well, which would give the volunteer sector access to highly qualified recruits, and the money would continue to grow whilst they study.
- It would get rid of the ridiculous baby bonus scheme.
- Investment could occur through a small government-run department, it can be outsourced to private companies, or we can combine both by paying private company wages for fund managers, but keeping them in the public sector.
- At $7000 per child, this would have equated to about $1.85 billion in 2006. Considering the birth rate would fall if the baby was abolished, we're looking at about $1.5 billion per year, which about 0.5% of total government revenue.
- Not sure what to do about immigrant children. Maybe set up their fund once they become citizens and just leave them with less than Australian-born kids?
What do you think?
- We take the baby bonus (maybe increase it by a few thousand more) and rather than giving it to the mother we invest it in the market.
- After the child completes year 12 we will give them the total amount in their fund if they complete a year of full-time volunteer work.
- At around 7% (conservative estimate) return per annum, with an initial investment of $7,000, (assuming the child finishes year 12 at age 18) this would be a payout of around $23,659. It's not heaps, but it's enough to provide an incentive.
Some other things and options to consider:
- If they complete one/two (depending on what works best) years in the military after graduating they get the account money on top of the regular army salary. This would solve manpower shortages we have.
- It provides incentive to stay in school after year 10
- We could make it available to tertiary graduates as well, which would give the volunteer sector access to highly qualified recruits, and the money would continue to grow whilst they study.
- It would get rid of the ridiculous baby bonus scheme.
- Investment could occur through a small government-run department, it can be outsourced to private companies, or we can combine both by paying private company wages for fund managers, but keeping them in the public sector.
- At $7000 per child, this would have equated to about $1.85 billion in 2006. Considering the birth rate would fall if the baby was abolished, we're looking at about $1.5 billion per year, which about 0.5% of total government revenue.
- Not sure what to do about immigrant children. Maybe set up their fund once they become citizens and just leave them with less than Australian-born kids?
What do you think?
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