Table 5. Open in new tab Income floors...

Table 5.

Income floors and IW benefits: benchmark versus optimum under NL and canonical processes. Pound values correspond to 2015

Parameters		Benchmark	Optimum (NL)	Optimum (Ca)
Income floor, level	$ϕ_{0}^{I S}$	0.15 (£4,574)	0.143	0.001
In work, level	$ϕ_{0}^{I W}$	0.07 (£1,960)	0.010	0.169
Tapering rate	ω	1.11	0.53	0.55

Parameters		Benchmark	Optimum (NL)	Optimum (Ca)
Income floor, level	$ϕ_{0}^{I S}$	0.15 (£4,574)	0.143	0.001
In work, level	$ϕ_{0}^{I W}$	0.07 (£1,960)	0.010	0.169
Tapering rate	ω	1.11	0.53	0.55