The Ministry of Labour plans to organise a formal public hearing on Feb 28 about its new regulation concerning a plan to lift the salary ceiling used in calculating the monthly contribution by salaried employees to the Social Security Fund (SSF).
Drafted under a proposal already approved by the board of the Social Security Office (SSO) around the middle of last year, the ministerial regulation previously won approval from more than 70% of salaried employees registered under the social security system in a preliminary survey, said the source.
When implemented, the regulation is expected to help improve the SSF’s cash flow while registered employees will benefit from a higher rate of financial compensation, such as in the case of unemployment benefits being paid.
According to the source, the current ceiling for salaries used in calculating the monthly contribution…
