The new Social Security Board’s contribution rates went into effect at the beginning of July. However, it has come to the Social Security Board’s attention that there are some employers who are deducting more than the required amount from their employees’ salaries. In an interview with Love news, Dr. Colin Young, the Chief Executive Officer of Social Security Board, said that SSB is presently working to correct the problem.
Dr. Colin Young – CEO of Social Security Board: “July 1st, 2019 was when the new rates would have gone into effect and employers would be paying into Social Security in August however if employees were paid bi-weekly or weekly in July they would have seen deductions. We have worked extensively with all of the payroll providers throughout the country who do payrolls for companies to ensure that they were updated so we didn’t expect that there would be cases where there were excessive deductions however based on what we have heard and some unverifiable reports that we have seen on social media. Some of the amounts that are claimed to be deducted from salaries are far in excess of what legally they ought to be.”
SSB approved an increase of two percent which is being implemented in stages. At the beginning of July, there was the implementation of a half percent increase. As a result, employees saw their SSB’s contribution go from eight percent of their salaries to eight-point five percent of their salaries. Dr. Young said that employees should check their pay stubs to ensure that the correct amounts are being deducted.
Dr. Colin Young – CEO of Social Security Board: “Somebody who is earning three hundred dollars, they would be paying 60 cents more for the week multiplied by the number of weeks in the month. Somebody who is earning under $70 they would be paying 5 cents more per week. One of the confusion that is coming across quite clearly is that some months have five Mondays and that is counted as a contribution week so then you would multiply your weekly contribution times five for a five Monday month like July. July was a five Monday month so it will be fifteen dollars and sixty-eight cents ( 1568 )x 5 but in August which is a four week month it will be fifteen dollars and sixty-eight cents (1568) x 4 if you are earning over $420 a week.”
Dr. Young added that the SSB’s contribution will increase by another half percent next year, thereafter, by one percent in 2021.