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Frequently Asked Questions

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Contributions

Contributions are payable at the rate of 10% of wages with the employers having the right to deduct 5% from their employees' earnings. There are weekly and monthly ceilings beyond which no further Social Security Contributions are payable.

Self-Employed
How much you pay as a contributions depends on the amount of income that you declare. Social Security insures weekly incomes from $200 up to $1250.

An Employer’s failure to pay contributions or to comply with any obligation imposed on him/her by the Regulations constitutes an offence and shall be liable on summary conviction to a fine of $1,000, and a fine of $250 for each day on which the offence is continued.

  • You will owe Social security arrears if you do not fill in a notification of termination when you stop your declared business, trade or profession.
  • If you stop making contribution payments, whether you’re employed or not your account will be frozen. Your account is re-activated when you return working as a self employed and paying contributions.
  • Whether working or not you may keep your account active by maintaining your contributions, thereby building up your retirement fund and increasing benefits to your survivors
  • If you do not contribute, you are not entitled to certain benefit; however your contributions stay in the fund and are counted for you retirement and survivors benefits.

Visit the Social Security Office; the customer service staff there can inform you what contributions are in your record.