![[Jersey] 2% social security contribution cut to give economic boost](http://gpa.net/cdn/shop/articles/bigstock-Beautiful-hispanic-woman-holdi-384171728_1200x.jpg?v=1599825092)
Jersey States approved a temporary 2 per cent cut in workers' Social Security contributions. Instead of the usual 6 per cent contribution, between October 1, 2020, and June 30, 2021, employees will pay 4 per cent of their earnings into the social Social Security Fund. Additionally, there will be a 2 per cent reduction for self-employed islanders, taking their contribution from 12.5 per cent to 10.5 per cent. Employer contributions will not change.
The cuts will reportedly cost the Social Security Fund about £26 million. The measures are intended to increase the take-home pay of around 55,000 workers and self-employed people on Jersey as part of the £150 million financial support package announced by the government in July, to aid the economy’s recovery in the wake of the COVID-19 pandemic and lockdown. ITV News reports the story with reactions from States members.Jersey States approved a temporary 2 per cent cut in workers' Social Security contributions. Instead of the usual 6 per cent contribution, between October 1, 2020, and June 30, 2021, employees will pay 4 per cent of their earnings into the social Social Security Fund. Additionally, there will be a 2 per cent reduction for self-employed islanders, taking their contribution from 12.5 per cent to 10.5 per cent. Employer contributions will not change.
The cuts will reportedly cost the Social Security Fund about £26 million. The measures are intended to increase the take-home pay of around 55,000 workers and self-employed people on Jersey as part of the £150 million financial support package announced by the government in July, to aid the economy’s recovery in the wake of the COVID-19 pandemic and lockdown. ITV News reports the story with reactions from States members.
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