4.2% Increase In Social Insurance Contributions

July 2, 2018 | 15 Comments

The Department of Social Insurance advised that a 4.2% increase in social insurance contributions will be effective on August 1st, with the current combined rate per week of $68.94 set to raise to $71.84, an increase of $2.90.

A spokesperson said, “The Department of Social Insurance advised the public that pursuant to the Contributory Pensions [Amendment of Contributions and Benefits] Order 2017, a 4.2% increase in social insurance contributions will be made effective on August 1, 2018.

“The current combined rate per week for both employer and employee is $68.94 or $34.47 each. This will be increased to a combined rate of $71.84 or $35.92 each. An increase of $2.90 and $1.45 respectively.”

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Comments (15)

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  1. Hurricane says:

    There goes the salary increase that I just received……….SMH

    • Malachi says:

      You have a job…??

    • Izzypop says:

      Isn’t that usually what happens
      U think u got a little extra to survive and bam

      • Paget says:

        What time is the protest March. Waiting to hear from the people campaign?

  2. Double S says:

    Can I ask the Government, how increases in pension contributions, Government health care premiums coupled with higher car/bike licensing fees and a raft of new taxes is supposed to help them achieve their election promise of making Bermuda a cheaper place to live?

    • Onion says:

      It’s not.

    • Toodle-oo says:

      I hope a few thousand heads exploded after reading that.
      And you forgot the sugar tax too. Wait ’till that trickles down.

  3. Redrose says:

    Another rise in the cost of doing business on top of health care rises. Thanks for keeping all your promises plp – not!

  4. Question says:

    That’s twice the rate of inflation. The PLP – charging us more, doing less.

  5. gustav says:

    PLP will drive the living costs down ………………

  6. malachi says:

    Cool!

    Just in time for the Pensioners August 1st 2018 4.2 per cent increase in benefits!

  7. archie says:

    Sugar tax, increased health care costs, this increase …. completely (and more) wipes out any payroll tax relief. What happened to the PLP pledges on reducing costs? We had to deceive you?

  8. Rock says:

    It’s called fintax

  9. soitgo says:

    If only the general public knew that the following departments don’t even pay into GEHI yet reap the full benefits of it.

    Bermuda Police Service
    Bermuda Prison Service
    Royal Bermuda Regiment

    thats at least $300 plus a month that is not being deducted from the monthy paycheck of these employees. and they still get full medical coverage some departments even have better coverage that departments who actually pay into GEHI!

    The PLP should be forcing this matter but have tried to keep it hush hush. Police are still in negotiations trying to prevent the government from making them pay into GEHI. They are getting a free ride while every other government employee and everyone in the private sector still have to pay for there own insurance.

  10. Realist says:

    It makes me sick how all these increases are met with pure acceptance! Nothing has improved and everyone is hanging on to some fintech saviour. The PLP act as if all is well in the money kitchen but it’s not! People who voted them in better start speaking up. Where have they made anything better? Disgusted!

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