SSB CONTRIBUTIONS
The Social Security Board announced this week that it is increasing the maximum amount of earnings that can be subject to social security taxation by about 2.1 percent, from $39,468 to $40,300.
The increase will come out of the employer’s contributions, the SSB stated. Attached to the announcement is a table of how much each party should pay if the earnings are at the max. If an employee makes the maximum, he or she should pay $1,612 annually with the employer contributing $1,813.50. That breaks down to respective payments from employees and employers of $134.33 and $151.13 monthly, $67.17 and $75.56 semi-monthly, and $31 and $34.88 weekly. The increase is scheduled to take effect on Jan. 1, 2016. Employers with questions should contact the SSB’s Contribution Department at 494-6833, the announcement stated.
ROAD WORKS
Communications and Works Minister Mark Vanterpool met with top officials from his ministry on July 30 to discuss projects that will be undertaken within the next 16 months, according to Government Information Services. Mr. Vanterpool said the government will be concentrating on stabilising the supply of electricity, upgrading the water distribution network, fixing the sewerage system, developing Road Town, and seeking means of providing renewable energy. He added that there will be a “great amount” of work done in these areas over the next four years.
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