PSYC 3630 Lecture Notes - Lecture 7: Canada Pension Plan, Old Age Security, Median Income
Document Summary
1/3 broad group of measures of low income. Income level below which a family would devote 20% more of their income on food, clothing, shelter than average family would. A bigger chunk of your income is spent on the basics than the average. Lico varies as a function of family size, and community size, and whether income is calculated before/after tax. Half of the median family income, adjusted to the family size/community size. Not used a lot in canada, but it is used internationally. Mbm = measure of disposable income that a family is able to/would need purchase a basket of goods of needs. Varies by family size, family composition (1 vs 2 earners), community size, community location. 2009: lico after tax 9. 6% of population in canada fell below (3. 2 million people) 2009: lico before tax ~12. 5% of population in canada. Issue of what constitutes income? (gross wages/salary, net income from self-employment, investment income, transfer from government)
