The Social Security and National Insurance Trust (SSNIT) has increased the maximum insurable earning for 2023 to ¢42,000, from ¢35,000.
This increase takes effect from January 1, 2023.
In a statement, the Trust emphasised that the increase was made after careful consultation with the National Pensions Regulatory Authority in accordance with Section 63 (3) of the National Pensions Act 2008 (Act 766).
Accordingly, the minimum insurable earning has also been increased from ¢365.33 to ¢401.76, following the raise in the National Daily Minimum Wage.
It further urged employers and members of the insurance scheme to comply with the new changes and ensure the right contributions as the maximum and minimum contributions payable to SSNIT will be ¢5,670 and ¢54.24 respectively.