Dear Employer,
The Social Security (Contributions) (Amendment) Regulations 2005, make it mandatory that the maximum insurable earnings (that is, the portion of salary from which contributions is deducted) be increased on a yearly basis by the Consumer Price Index (CPI).
The CPI is 2.03%; consequently, effective January 1, 2012, the maximum insurable earning will be increased from $36,199.80 to $36,936.00.
The following schedule is for ease of reference.
|
Pay Period
|
Maximum Insurable Earnings
|
Contribution
|
Total
|
|
|
Employee
|
Employer
|
|||
|
Weekly
|
$710.30
|
$28.41
|
$31.96
|
$60.38
|
|
Fortnightly
|
1,420.60
|
56.82
|
63.93
|
120.75
|
|
Semi-monthly
|
1,539.00
|
61.56
|
69.26
|
130.82
|
|
Four Weekly
|
2,841.20
|
113.65
|
127.85
|
241.50
|
|
Monthly
|
3,078.00
|
123.12
|
138.51
|
261.63
|
If you need additional information, please contact the Contribution Department at 494-6833 or 494-3418, extension 231.