Anguilla Social Security Board Announces Draft Amendment to Legislation for Increase in Contribution Rate
The Valley - The Social Security Board (SSB) is pleased to announce the completion of the draft Contributions (Amendment) Regulations 2023, under the Social Security Act (R.S.A. c. S45) for review.
The contribution rate will gradually increase from the current 10% of insurable earnings to 12% over a four-year period. The phased implementation will enable a smooth transition for both employees and employers.
Beginning on January 1st, 2024, employees will contribute 5.25% of their insurable earnings, and employers will contribute 5.25%, resulting in a combined total contribution of 10.5%. The subsequent annual adjustments to the contribution rate will occur on the following dates:
- January 1st, 2025: Employees will contribute 5.5% and employers will contribute 5.5%, totaling 11%.
- January 1st, 2026: Employees will contribute 5.75% and employers will contribute 5.75%, totaling 11.5%.
- On or after January 1st, 2027: Employees will contribute 6% and employers will contribute 6%, a combined total contribution of 12%.
This gradual increase in the contribution rate will allow the SSB to enhance the sustainability of the Social Security System and ensure its ability to provide comprehensive social security benefits to all eligible individuals. These benefits include Age, Survivors and Disability Pensions, Sickness, Maternity and Paternity Benefits and Funeral Grant. The amended legislation reflects the Board's commitment to adapt to changing demographics, economic conditions, and evolving social security needs.
The SSB aims to safeguard the Fund as well as the welfare and financial security of all contributors by proactively addressing current challenges for the future preservation of Social Security as it exists today.
The SSB is a statutory body responsible for the administration of the social security in Anguilla. Its mission is to contribute to the transformation of the quality of life in Anguilla through meaningful social security, community empowerment, and national impact initiatives.
For further information or inquiries, please contact the SSB directly at telephone number 497-2201/2 or via email at email@example.com.