Guernsey Hikes Social Security Contribution Rates
by Jason Gorringe, Lowtax.net, London
03 January, 2017
Guernsey's Government has reminded islanders that from January 2017 social security contribution rates increased by 0.5 percent for self-employed and non-employed persons.
The self-employed rate will increase from 10.5 percent to 11 percent.
The non-employed rate will increase from 9.9 percent to 10.4 percent of income for people under 65, and from 2.9 percent to 3.4 percent of income for people over 65.
Guernsey's Social Security Department will write to all self-employed and non-employed contributors to inform them of their liability for 2017.
Contribution rates for employed people are also increasing, up by 0.6 percent to 6.6 percent of earnings from employment. The increase comprises 0.5 percent for Long Term Care Insurance and 0.1 percent for improved parental benefits. The employer rate will increase by 0.1 percent to 6.6 percent of an employee's earnings. The extra 0.1 percent is for parental benefits.
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