Increase in National Insurance Contributions

As part of the recent budget presentation from the Ministry of Finance. There is an increase in the NIS contributions for both employee and employers effective April 1, 2020.

The current rate of 5.5 percent will now be increased to 6%. This increase also increases the Maximum contribution for 2020 to $88,125.

The link below provides a full breakdown of the Contribution ceiling:

 

files/NIS_2020-2022.pdf