Govt increases social insurance payments

Govt increases social insurance payments

The Government of Gibraltar has increases in social insurance contributions, the first hike in seven years.
As from April 1, 2017, the maximum payments for social insurance contributions will increase for both employers and Employees by 10%.
For employers, that represents a rise to £36.50 from £32.97, while for employees it means a rise to £27.50 from £25.16.
The minimum payments will also increase by the same margin to £16.50 from £15.00 for employers and £5.50 from £5.00 for employees.
“This is the first increase to the maximum and minimum Social Insurance contributions since 1st July 2010 despite the continued increased cost to Government in the provision of these services over those years,” the Government said in a statement.
No 6 Convent Place said the Government was committed to a total reform of the entire structure of the Social Insurance Fund, and was working to increase efficiency, manage recurrent expenditure and deliver better value for money.
The Government said it had briefed the Chamber of Commerce and the Gibraltar Federation of Small Business on the changes and welcomed their understanding of the need for the increase.
Unions had also been informed.

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