Employers, Employees and Self-Employed persons are reminded of the changes to the Social Security Act and Regulations that came into effect from Friday 1^st April 2022, the new changes from 1st January 2023 are as follows: –

Increase in the Contribution Rate for Employees from 5% to 5.5% with a schedule of additional increases that would take the rate to at least 7% by 2026.

Increase in the Contribution Rate for Employers from 6% to 6.5% with a schedule of additional increases that would take the rate to at least 8% by 2026

Increase in the Contribution Rate for Self–Employed persons from 9% to 10% with a schedule of additional increases that would take the rate to at least 12% by 2026

Employers and Employees are advised that the new Contribution Rates Tables can be downloaded by clicking on Weekly Rates 2024 or Monthly Rates 2024 respectively or by sending a request to the Operations Department at operations@socialsecurity.ms.