Source: CRS – www.crs.co.za
Social Security and National Insurance Trust (SSNIT) contributions increase
On the 28th January 2025, SSNIT released a public notice to inform employers about the increase to the maximum insurable earnings limit.
Statutory contributions towards retirement are categorised under a three-tiered scheme as follows:
- First tier: A mandatory basic social security scheme
- Second tier: A mandatory fully funded and privately managed occupational scheme
- Third tier: A voluntary fully funded and privately managed provident fund and personal pension scheme.
Effective 1 January 2025, the monthly salary cap for tier one has increased from GHS 52,000 to GHS 61,000.
As a result:
- The maximum contribution payable to SSNIT is now GHS 8,235.00.
- The minimum contribution is GHS 66.16.
The mandatory monthly social security and occupational scheme contribution rates are:
- Employers: 13% of the employee’s salary
- Employees: 5.5% of the employee’s salary
All SSNIT limits for previous months must be backdated and recalculated accordingly.