The maximum insurable earnings for 2023 has been increased by the Social Security and National Insurance Trust (SSNIT) from 35,000 to 42,000.
Beginning on January 1, 2023, this increase will be in place.
The Trust emphasized in a statement that the increase was made in compliance with Section 63 (3) of the National Pensions Act 2008 and only after extensive consultation with the National Pensions Regulatory Authority (Act 766).
Following the rise in the National Daily Minimum Wage, the minimum insurable earning was also raised from 365.33 to 401.76.
The maximum and minimum contributions payable to SSNIT will be 5,670 and 54.24, respectively. It added asked employers and insurance scheme participants to adhere to the new rules and ensure the proper contributions.
Check out the announcement below: