The Social Security and National Insurance Trust (SSNIT) has raised the maximum insurable earnings for 2023 to $42,000, up from $35,000 previously.
This increase goes into effect on January 1, 2023.
The Trust stated in a statement that the increase was made after careful consultation with the National Pensions Regulatory Authority, as required by Section 63 (3) of the National Pensions Act 2008. (Act 766).
As a result of the increase in the National Daily Minimum Wage, the minimum insurable earning has also been raised from 365.33 to 401.76.
It also urged employers and insurance scheme members to comply with the new changes and make the necessary contributions, as the maximum and minimum contributions payable to SSNIT will be $5,670 and $54.24, respectively.
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