We're discussing taxation, retirement, and social rights for long-term immigrants in Israel and Liberia. It's a complex topic.
Indeed. Let's start with Israel. It has a structured system, with a progressive income tax—higher earnings mean higher tax rates.
Correct. And there are National Insurance contributions, similar to social security. New immigrants, or "Olim Hadashim," often receive a tax holiday on foreign income for a period.
A significant benefit. Israel also has a mandatory dual pension system: state pensions and private pension funds. Both employees and the self-employed contribute.
This contributes to a robust social safety net, including universal healthcare, unemployment benefits, and child allowances. It's a comprehensive system.
Now, let's consider Liberia. The taxation landscape is less formalized. Income tax and a goods and services tax exist, but a large part of the economy operates informally.
The formal retirement system is underdeveloped. There's a public sector pension scheme, NASSAP, but private options are limited outside of government employment. Social safety nets are less developed than in Israel, relying heavily on international aid and community support.
So, the social security in Liberia often comes from strong family and community networks, unlike the more institutionalized system in Israel. Both have unique strengths and challenges. For more details, visit jetoff.ai.
Absolutely. Understanding these systems is vital for long-term planning.