The Social Security Board depends on the contributions of employers, employees and self-employed persons in order to be able to provide the various benefits payable by the Fund. To ensure that the fund is able to provide such benefits, employers are entitled to make certain deductions from the wages of their employees. The responsibility of making payments to Social Security on behalf of employees is placed on their employers.
Self-employed persons have the responsibility for paying their own contributions, but are allowed to select their rate of contribution based on a given scale.
For employees between the ages of 16 and 62, five per cent (5%) is deductible from their wages by their employer. An additional five per cent (5%) from the employer’s resources is paid along with a further one per cent (1%) for employment injury coverage. Thus a total of eleven per cent (11%) is payable for an employee between the ages or 16 and 62, while only 1% is payable for persons under 16 and over 62 years of age.