8% Social Security rate in effect

The Island Newspaper, Ambergris Caye, Belize            Vol. 13, No. 25            July 3, 2003

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Press Release - Belize Social Security - 1st July 2003 - The Belize Social Security Board hereby announces that, effective today, July 1, 2003, the Social Security contribution rate changes from 7% to 8% of weekly insurable earnings. The 1% increase is to be equally shared by employer and employee. This increase will go towards the Long-term Benefits Branch.

   The new Contributions Schedule is available through any of our offices countrywide. This can be used in calculating deductions from your employees' salaries, as well as in making contributions.

   Other important changes for employers to note are: 1)When the 14th of the month falls on a weekend or on a public and bank holiday, the deadline for payment will now be the first working day following the 14th; the penalty therefore would begin on the second working day, if payment has not yet been made at that time. 2) Employers are also now required to give employees a pay slip/receipt showing the Social Security deduction being made from their salaries.

   Employers can obtain the new Statement of Contribution (FIN 15A) at Social Security offices countrywide by July 15th, and on our web site www.socialsecurity.org.bz.

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