Itís been a couple years coming, but the COVID pandemic forced the government to defer the last tranche of social security contributions under the S.S.B. reform that took effect in 2018. But next Monday, that last part will take effect, so your next paycheck, whether itís made weekly, bi-monthly or monthly, will be a bit less than what your last one was. News Five spoke with Social Security Board C.E.O., Deborah Ruiz, who explained how the last segment of deductions will affect our pockets.

Deborah Ruiz, C.E.O., Social Security Board

ďThe lower wage band, for example, which is those persons earning under seventy dollars will only see a ten-cent-increase per week. Those at the higher income bracket who are going into the new category. So right now weíre at four-sixty up to four hundred and ninety-nine dollars and ninety-nine cents per week. The new change will mean that we have a new wage group (for) five hundred dollars and over and that is the group that will see a significant increase because then they move to a new rate of twenty-three forty per week so that will be the difference there. There are thirteen wage bands. The second one would pay seventeen cents more week, the fourth one pays twenty-four cents. The other one Ė thirty-nine cents; fifty-nine cents; seventy-nine cents; the seventh one is at ninety-nine, then we go to one dollar and nineteen cents; one dollar and forty cents; one dollar and sixty-two cents; one dollar and eighty four cents,; two dollars and nine cents and then as I mentioned, because we have a new group, those persons would be paying twenty three dollars and forty cents. But they had already been accustomed to paying at the current group Ė eighteen dollars and seventy-eight cents. So it will be the difference between that that would now shift to the higher wage band, but that means of course that their benefits also increase.Ē

Bigger Contributions Mean Bigger Benefits

But while the amount employees and employers pay in to Social Security will be more hereafter, our benefits will also be more, Ruiz explained.

Deborah Ruiz, C.E.O., Social Security Board

ďThe wage bands have associated salary that we insure. So for the short-term benefits like sickness, maternity, injury, we pay eighty percent of that insurable salary. So that is where we see the difference, noh. Because of the new wage band, the higher group, the others wonít see a major difference there. Itís those people who are earning over four hundred and sixty dollars and now over five hundred dollars that would see the difference because the rate was up from three eighty-four that you were getting previously to now four hundred and sixteen dollars per week. The lower wage bands still remain at the same rate because itís just a rate thatís changing and not the wage band for them.Ē

Channel 5