Social Security Contributions Going Up in 2022

Social Security contributions will increase in 2022, by one percentage point from nine to ten percent. But the wage ceiling is also going up four hundred and eighty dollars to five hundred and twenty. According to the Social Security Board, these increases were deferred in 2019, but have been approved by Cabinet now. S.S.B. says the increase in the wage ceiling translates to higher weekly cash benefits for both short term benefits and pensions. The changes come into effect on January third, 2022 and were originally part of the 2019 Contribution Reform plan.