Wednesday , February 1 2023

Social security benefits on Saba will increase in 2017

Every year the determination of the amounts of contributions and benefits takes place in the Caribbean Netherlands. This effects, e.g., the legal minimum hourly wage, the General Retirement Insurance (AOV), the Widow and Orphans Act General Insurance BES (AWW), the special relief, the child benefit and the maximum daily wage for the employee insurances. For practical reasons, the government has has been opted for one single adaptation that will take effect as of the 1st of January 2017.

Besides the indexing, for Saba and Statia there is also a special adjustment.  For Saba this amounts to +5.43% (resulting in a total of +5.63% in connection with the 0.2% inflation). The special adjustment for Sint Eustatius is +10% (resulting in a total of +9% in connection with the 1% deflation). For the time being, the income statistics do not allow for additional increase for Bonaire, because the development of the median income (which forms the basis thereof) is lagging on Bonaire.

The special adjustment of the legal minimum hourly wage and the AOV, AWW benefits and social relief are based on the income statistics published by the CBS. The indexing is based on the consumer price index number for the third quarter of 2016 as determined by the Central Bureau of Statistics (CBS). The development measured by the CBS is respectively +0.6% for Bonaire, -1.0% for Sint Eustatius and +0.2% for Saba.

As in previous years different index numbers per public entity were opted for, with the exception of the indexing of amounts for those entitled to benefits, living outside the public entities. These amounts are based on the consumer price index number of the public entity Bonaire.

The gross minimum hourly wage is indexed for employees of 21 years of age and older. According to the Decree based on article 8, paragraph 2, of the The Minimum Wage Law BES (Wet minimumlonen BES),the minimum hourly wage of lower age groups is calculated as a percentage thereof (for 20-year-olds: 90%; for 19-year-olds; 85% for 18-year-olds: 75% and for 16- and 17-year-olds: 65%).

The premium percentages which are determined repeatedly for one year have remained unchanged compared to 2016.

The exact amounts will be published in the near future.

Press release RCN.

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