Posted: Monday, January 6, 2020. 3:16 pm CST.
By BBN Staff: For many employees, today is the commencement of the first pay cycle for the year 2020.
The Social Security contribution scheme has another adjustment that commences effective today.
In 2019, Cabinet approved a proposal agreed by the Board and social partners to reform contributions over three years.
This reform seeks to increase the contribution rate from 8% to 10%, phased in over three years, as well as increase the wage band ceiling from $320/week to $520/week, also phased in over three years (see table below).
Table. Approved Phased increase in Contribution Rate and Wage Ceiling (2019-2021).
|2018 (Current)||July 1, 2019||January 6, 2020||January 4, 2021|
Beginning today, total contributions will be calculated between 93 cents (for those paid less than $70 a week) and $18.78 (for those paid more than $480 per week).
Employers will now pay between $4.02 and $24.42.
The next increase kicks in on January 3, 2021.
Just over 100 thousand Belizeans are registered with Social Security and the authorities note that the rate of retiring individuals, about 1,000 to 1,300 per year, is outpacing the rate of new contributors to the fund.
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