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SSAct section 1061WG sets out how a person qualifies for MSP. The payment provides an incentive for people subject to compulsory income management to develop a savings pattern and build functional financial capability (11.1.2).
A person is eligible to receive $1 in matched savings for every $1 saved, up to $500, provided they have completed an approved money management course (11.1.15.20) and have established a savings pattern (11.1.15.30).
The delegate should encourage participation in the matched savings scheme. This can be done by offering people referrals to financial management support services at initial and subsequent income management interviews.
Act reference: SSAct section 1061WG Qualification for matched savings scheme (income management) payment
Policy reference: SS Guide 11.1.15 Matched Savings Scheme (Income Management) Payment
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Last reviewed: 16 May 2011
