NOTIFICATION – APRIL 2020
NATIONAL INSURANCE CONTRIBUTAION RATE INCREASE
National Insurance Contribution Rate Increase
Effective April 1st, 2020, the National Insurance Scheme contribution rate has been increased to 6%.
The increase will be imposed as follows:
a) Employer’s contribution has increased from 2.75% to 3%.
b) Employee’s contribution from 2.75% to 3%
The various contribution ceilings breakdown are as follows:
April 2020 (6%)
| Frequency |
Maximum Salary |
Employee Contribution |
Employer Contribution |
Total Contribution |
|
Weekly: |
$28,846.00 |
$865.38 |
$865.38 |
$1,730.76 |
|
Fortnightly: |
$57,692.00 |
$1,730.77 |
$1,730.77 |
$3,461.54 |
|
Monthly: |
$125,000.00 |
$3,750.00 |
$3,750.00 |
$7,500.00 |