Social Security Board announces deferral of 2021 contribution increase

Posted: Thursday, December 31, 2020. 1:47 pm CST.

By BBN Staff: Today, the Social Security Board (SSB) announced that as per Statutory Instrument 184 of 2020, the board informs that the 2021 contribution increase scheduled to commence on January 4, 2021 has been deferred.

SSB notes that the Contribution Rate increase of 9% to 10% and the Wage Ceiling increase of $480 to $520 scheduled for January 2021 have been deferred.

During his New Year’s address, Prime Minister John Briceño announced the approval by Cabinet for a postponement on the final increase with consideration given to the current state of the economy as well as the potential negative effect on employment in the near future.

“The Social Security Board remains committed to delivering a financially sustainable Social Security program that provides lifetime coverage to our beneficiaries. Stay connected with the Social Security Board for updates and upcoming news by visiting our website or Facebook page,” SSB noted.

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