Bigger Contributions Mean Bigger Benefits

But while the amount employees and employers pay in to Social Security will be more hereafter, our benefits will also be more, Ruiz explained.

Deborah Ruiz,

Deborah Ruiz, C.E.O., Social Security Board

“The wage bands have associated salary that we insure. So for the short-term benefits like sickness, maternity, injury, we pay eighty percent of that insurable salary. So that is where we see the difference, noh. Because of the new wage band, the higher group, the others won’t see a major difference there. It’s those people who are earning over four hundred and sixty dollars and now over five hundred dollars that would see the difference because the rate was up from three eighty-four that you were getting previously to now four hundred and sixteen dollars per week. The lower wage bands still remain at the same rate because it’s just a rate that’s changing and not the wage band for them.”