Thursday 3rd January, 2018-Social Security contributions have increased as of 1st January, 2019 in accordance with the Social Security (Collections of Contributions) (Amendment) (Regulations), Statutory Instrument 2016 No. 60.
The increase applies to both the private and public sectors.
Executive Director of the Social Security Board, David Matthias explains that the contribution rate was adjusted by half a percent, equally divisible between the employer and employee.
For the next eight years, contributions will increase by half a percent every January.
This year, the pension age has moved by one year. The shift will be undertaken every two years.
While the Social Security pension age will eventually be 65 years, the age of retirement in the public sector remains 55 and 60 years. The Social Security Board’s Executive Director says they have held discussions with government officials on that matter.
Mr. David Matthias.