By Rubén Morales Iglesias: Social Security Board (SSB) said it is implementing the increase of contributions and benefits effective Monday, April 4, 2022.
The SSB calls the implementation, “An Investment For You, your Family, your Future”.
This implementation is the final phase of the Contribution Reform, said the SSB in a press release.
According to the SSB, the three-year phased reform has the objective of improving and providing greater value to beneficiaries during time away from work due to incapacity or illness.
“This is essential for the strengthening of the SSB program in order to provide sickness, maternity, disablement, invalidity, injury, death benefit and pensions to contributors, their families, and survivors,” said the SSB.
According to the Contribution Reform, under this final phase, the Contribution Rate made by employers will increase from 9% to 10% while the Wage Ceiling is moving from $480 to $520 as of Monday, April 4, 2022.
“This translates to an increase in the maximum cash benefit of $416 weekly for short-term benefits and $312 weekly or $16,224 yearly for pensions,” said the SSB.