Higher member and employer contributions have resulted in a 22-year extension of the Social Security System’s (SSS) fund life, the agency said Thursday. According to the SSS, the fund life is…
Higher member and employer contributions have resulted in a 22-year extension of the Social Security System’s fund life, the agency said Thursday.
The SSS said that with the Social Security Act of 2018, which mandated the gradual rate increases, the fund life was extended to last until 2044, and the latest projections indicate that it has again been extended until 2054. Employers would shoulder the one percentage point increase for their employees under the new rate. The employee’s share will remain at 4.5%, while the employer’s share will increase to 9.5% from the current 8.5%.
The agency earlier this week defended the increase, saying this would help fund higher benefit disbursements moving forward.
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