Social security contributions up

Changes to social security contributions in Guernsey have come into force.

The upper earning limit has been raised from about £36,000 to £53,664 a year for workers and companies, with the lower limit set at £5,200.

Full contribution rates have been set at 5.5% for employers and 6% for staff.

The changes were agreed by States members in June and follows projected budget deficits of up to £50m when corporation tax is scrapped in 2008.

The non-employed have the same upper income limit and a lower limit of £13,000.