ECCB Micro-Business Simulation Workshop Presentations

Calculating Deductions

Understanding Contribution Rates

Social Security contributions are calculated based on predefined contribution rates, which may vary depending on factors such as income levels and employment status. Calculating Contributions for Employees and Employers  Contributions are split evenly between employers and employees, with each party responsible for half of the percentage of the total contribution based on earnings. The Contribution Rate for employers and employees has increased from 10% to 10.5% for 2024. Employers pay 5.25% and employees pay 5.25% of insurable earnings.

 The Contribution Rate for self-employed persons is 8%.