New Social Security contribution rates for Jersey from January 2020
09 December 2019
Gov.je has released the new Social Security Earnings Limits to be applied to employee pay in Jersey effective from 1 January 2020.
Organisations must pay 2.5% on employee earnings where the earnings fall between £4,558- the Standard Earnings Limit (SEL) and £20,800 – the Upper Earnings Limit (UEL).
The employee must contribute 6% of earnings up to £4,558, and the employer must pay 6.5%.
The table below shows the new threshold rates:
|
Monthly earnings limit |
Amount per month |
|
Upper Earnings Monthly Limit (UEL) |
£20,800 |
|
Standard Earnings Monthly Limit (SEL) |
£4,558 |
|
Lower Earnings Monthly Limit (LEL) |
£968 |
|
Minimum rate 2 class 2 contribution |
£975.80 |
|
Standard Rate |
£569.75 |
Just as a reminder of the rates to use up until 1 January 2020 and to show some comparison between the two years, the current rates which have been in place since 1 January 2019 are as follows:
The employee must contribute 6% of earnings up to £4,442, and the employer must pay 6.5%.
|
Monthly earnings limit |
Amount per month |
|
Upper Earnings Monthly Limit (UEL) |
£14,686 |
|
Standard Earnings Monthly Limit (SEL) |
£4,442 |
|
Lower Earnings Monthly Limit (LEL) |
£940 |
|
Minimum rate 2 class 2 contribution |
£760.13 |
|
Standard Rate |
£555.25 |
There is also a calculator online that can be used to assist with the calculations. The 2019 rates will be used on this site up to 15 January 2020, and beyond that point, the 2020 rates will be applied.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.