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St. Maarten Social and Health Insurance (SZV) announces adjustments for 2014

FRIDAY, 17 JANUARY 2014

PHILIPSBURG–Annually, in accordance with the ordinance regulating old age pension and the widows and orphans pension, government adjusts the old age pension and widows, orphans pension (AOV and AWW).

Social and Health Insurance (SZV) on Thursday announced the adjustments to the wage limit for sick-ness and accident insurance (ZV and OV). These adjustments are based on the increase of the consumer price index (CPI) of August of the preceding year.

“According to the calculations of the Department of Statistics, the cost of living increased by 2.7 per cent in 2013. This means that the wage limit for ZV and OV for 2014 is set at NAf. 5,480.37 per month. The maximum old age pension (AOV) has been adjusted to NAf. 1,027 per month. The amounts for widows’ and orphans’ pension have also been adjusted. These adjustments went into effect as of January 1, 2014,” the release read.

SZV also explained that the income ceiling over which AOV premium has to be paid, has also been increased to NAf. 92,356, in accordance with the CPI. Income exceeding this limit, will pay premium up to this limit.

The annual wage limit for sickness and accident insurance is set at NAf. 65,764.38. All social premiums have remained the same as the previous year with the exception that the employees’ contribution to sickness insurance fund has changed from 2.1 per cent to 4.2 per cent. “This additional premium is to ensure that registered, immediate family members of the working population have access to affordable quality health care,” the release read.

“The Accident Insurance Fund will not be negatively affected by this decision. The wage limit does not have any influence on the accident insurance given the fact that all employees are insured but the employ- er pays the premium up to the wage limit. Enclosed you will find the complete table with all amounts and premiums for 2014,” it con cluded.

Source: The Daily Herald, St. Maarten

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