Economic impact assessment of the CCPMO: Final report - CIPD

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Section 4 The economic return to professional qualifications Figure 11 illustrates the benefits to men and women separately. The benefits to both are substantial, with a man estimated to benefit by £171,000 (in today‘s money terms) from obtaining both professional qualifications and membership of a professional institute. The corresponding figure for women is nearly £136,000. Figure 11: Lifetime benefits associated with different qualification levels Qualifications are indicative of the level within the NQF (i.e. A-level represents all level 3 qualifications). All individuals with qualifications are assumed to hold level 2 qualifications. For illustration purposes, qualifications are cumulative – that is an individual with membership of a professional institute is assumed to hold qualifications at GCSE-level, A-level, degree-level and professional qualifications. Source: London Economics based on Labour Force Survey. London Economics December 2008 34
Section 4 The economic return to professional qualifications 4.4.4 Benefits to the Exchequer We can also estimate the amount of extra revenue that qualifications generate for the Exchequer in terms of higher tax revenues. Figure 12 displays these results, based on current tax bands and tax rates 33 . This indicates that present value of the tax revenue associated with a representative individual achieving both professional qualifications and membership of a professional institute is around £53,000 for a representative individual .The disaggregated figures for men and women are £66,000 and £42,000 respectively. Figure 12: Present value of future tax revenues associated with different qualification levels Note: Using current tax bands and rates. Qualifications are indicative of the level within the NQF (i.e. A- level represents all level 3 qualifications). All individuals with qualifications are assumed to hold level 2 qualifications. For illustration purposes, qualifications are cumulative – that is an individual with membership of a professional institute is assumed to hold qualifications at GCSE-level, A-level, degreelevel and professional qualifications. Based on a representative individual, earning the estimated average real wage, adjusted for the probability of employment. Source: London Economics based on Labour Force Survey. 33 As at 21 st November 2008. London Economics December 2008 35
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Page 5 and 6: Contents Page 6 References 38 Annex
Page 7 and 8: Foreword Foreword In recent years t
Page 9 and 10: Executive Summary Executive Summary
Page 11 and 12: Executive Summary Training Professi
Page 13 and 14: Executive Summary The skills provid
Page 15 and 16: Section 1 Introduction and backgrou
Page 17 and 18: Section 2 Overview of the CCPMO 2 O
Page 19 and 20: Section 2 Overview of the CCPMO 2.3
Page 21 and 22: Section 2 Overview of the CCPMO Fig
Page 23 and 24: Section 2 Overview of the CCPMO 20%
Page 25 and 26: Section 2 Overview of the CCPMO 2.4
Page 27 and 28: Section 3 The contribution of the C
Page 35 and 36: Section 4 The economic return to pr
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Page 51 and 52: Section 5 Concluding remarks from t
Page 53 and 54: Section 6 References Sector Skills
Page 55 and 56: Annex 1 The Skills Strategy employe
Page 57 and 58: Annex 1 The Skills Strategy issues
Page 59 and 60: Annex 1 The Skills Strategy have ac
Page 61 and 62: Annex 1 The Skills Strategy access
Page 63 and 64: The Members of the CCPMO The Member
Page 65 and 66: The Members of the CCPMO The Instit
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