Social Security Board - Important change to the Contributions Regulations.

Honorable Premier, Minister for Social Security Dr Ellis Lorenzo Webster on 8th December 2023 signed the Contributions (Amendment) Regulations to come into force on January 1, 2024.

Beginning January 1, 2024, there will be a gradual increase in the contribution rates for both employees and employers from 10% to 12%. The new contribution rates will be introduced as follows:

• January 1st, 2024: Employee - 5.25%, Employer - 5.25%
• January 1st, 2025: Employee - 5.50%, Employer - 5.50%
• January 1st, 2026: Employee - 5.75%, Employer - 5.75%
• On or after January 1st, 2027: Employee - 6%, Employer - 6%

We appreciate your understanding and support as we work towards ensuring the well-being and security of all contributors. Let us join hands in securing a brighter future for Social Security and Improving the Quality of Life for All.

If you need help or have any questions about the amended contribution rates, please don't hesitate to contact the Social Security Office.