As we told you last week, it's official now, Social Security's new schedule of deductions is going into effect on July first. The business and labour groups have given their stamps of approval and so has Cabinet.
Employers have now gotten the notice of how much more they will have to pay, and to deduct from salaries for the Social Security Board.
The new package will be outlined to the press at a session tomorrow, We learned today that the changes take the insurable benefits coverage from $320.00 dollars to $520 dollars - but, it will be phased in over two years.
So what's the bottom line on how much more is going to come out of your pay check?
Well, if you make less than $320 per week or less, it wouldn't be much - about two dollars phased in over two years.
But if you make $500 a week or more, by January of 2021, you will be paying more than double what you're currently paying. Of course you'll also be eligible for greater benefits.
As we've reported, Social Security is currently running at a deficit, and because there hasn't been an adjustment in contributions for over a decade, the fund will collapse if the contributions don't go up.
Email
Print