Basic Contributions
The employee and employer are required to make basic contributions that, when combined, equal 10% of the employee’s earnings (up to a maximum of CI$60,000 a year).
The employer’s share must equal at least 5% of the employee’s earnings; however, the employer’s share can be higher. If the employer contributes more than 5%, the employee’s share will be reduced accordingly. (The employee cannot be asked to contribute more than 5% of earnings.)
If you are self-employed
You will need to tell the Plan’s client services agent how much you earn. You will also need to calculate the contributions yourself and remit them at least three business days before the first business day of the month that immediately follows the contribution period. Keep in mind that you must pay both the employee and employer share of the contributions. |
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