Employers, Employees and Self-Employed persons are reminded of the changes to the Social Security Act and Regulations that came into effect from Friday 1st April 2022. The new changes for 2024 are as follows:-
Increase in the Contribution Rate for Employees from 5.5% to 6% 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 6.5% to 7% 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 10% to 11% 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 2024or Monthly Rates 2024 respectively or by sending a request to the Operations Department at operations@socialsecurity.ms.