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16th of July 2018

Economy



4.2% Increase In Social Insurance Contributions

The Department of Social Insurance advised that a 4.2% increase in social insurance contributions will be effective on August 1st, with the current combined rate per week of $68.94 set to raise to $71.84, an increase of $2.90.

A spokesperson said, “The Department of Social Insurance advised the public that pursuant to the Contributory Pensions [Amendment of Contributions and Benefits] Order 2017, a 4.2% increase in social insurance contributions will be made effective on August 1, 2018.

“The current combined rate per week for both employer and employee is $68.94 or $34.47 each. This will be increased to a combined rate of $71.84 or $35.92 each. An increase of $2.90 and $1.45 respectively.”

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