The Government of Jersey has passed new legislation to reduce Social Security contributions for employees and self-employed by 2% commencing 1 October 2020 through to 30 June 2021.
The new Regulations will help our local economy recover from the effects of Covid-19.
In practice, this means:
• for employees, a 4% contribution rate (instead of 6%) on earnings up to £4,558 per month, and
• for self-employed people, a 10.5% contribution rate (instead of 12.5%) on business income up to £4,558 per month.
• employer contribution rates will not change
HR Now, is happy to assist you with any of your payroll needs or any support you might need with this new regulation.
Please contact Anna@hrnow.je to discuss how HR Now’s 3 different payroll offerings can help your business become more efficient.