Jersey Publishes Regulations on Social Security Contributions for 2020

Jersey has published the Social Security (Amendment of Law No. 11) (Jersey) Regulations 2019, which provides for the social security contribution changes included as part of the budget proposals for 2020. Changes include:

• an increase in the upper monthly earnings limit for both Class 1 and Class 2 contributions from JEP 12,500 to JEP 20,800;
• an increase in Class 1 and Class 2 monthly contributions rates from 2.0% to 2.5% of employee earnings that exceed the standard monthly earning limit bu…