Sunday, June 23, 2024

SSB Provides Update on the 2022 Contribution Rate Increase

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The Social Security Board informs of Cabinet’s decision to defer Phase III of the reforms which commenced in 2019 from the previously announced date of January 3, 2022 to Monday April 4, 2022.
After some 18 months of consultations which commenced in 2017, stakeholders agreed that the necessary reforms would be implemented in a phased approach being Phase 1 in July 2019, Phase II in January 2020 and Phase III in January 2021.
The final phase of the reform represents an increase in the contribution rate of 1% from 9% to 10% and an increase in the insurable wage band ceiling from $480.00 to $520.00. This is in keeping with our aim of improving the adequacy of benefits paid to employees and their families and most importantly to provide lifetime retirement benefits. The Social Security Board reiterates its commitment to continue its work to safeguard and ensure the sustainability of the fund for the benefit of all our stakeholders.

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