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Social Security Board announces the implementation of the final phase of the contribution reform.

The Social Security Board (SSB) today announced the implementation of the final phase of the contribution reform. The final contribution and benefit increase which falls under the 3-year phased approach, aims to improve and provide greater value to beneficiaries. CEO of the SSB, Deborah Ruiz says that under the final phase, employers and employees will see an increase of 1% in the contribution rate effective April 4, 2022. Ruiz says this translates to an increase in the maximum cash benefit of $416 for short term benefits and $312 weekly for pensions. Here is how Ruiz explained it.