Social and Health Insurances St. Maarten adjusts pension, wage limits
WEDNESDAY, 01 FEBRUARY 2012
PHILIPSBURG--Each year the pension and wage limits for Sickness and Accident Insurance (ZV/OV) are adjusted in accordance with the development of the cost of living (price index). This adjustment is based on the increase of the price index of August of the previous year.
St. Maarten Social and Health Insurances SZV, in accordance with the law sent a proposal to the government concerning the increase of the wage limits, old age pension, and widows and orphans pension. According to the calculations of the Department of Statistics STAT the cost of living increased by 3.2 per cent; this means that the wage limit for 2012 is NAf. 5,096.74 per month.
The old age pension has also been modified, in accordance with the development of the cost of living as of January 1, to NAf. 856 per month. The amount for widows and orphans pension has also been increased, while all the social premiums have remained the same as the previous year.
The maximum income over which AOV premium has to be paid has increased to NAf. 85,891 per year. Persons receiving an income that exceeds the limit have to pay a premium up to this limit.
The annual wage limit for Sickness and Accident Insurance is NAf. 61,160.86. The gross wages of employees already in service of the employer is determined on November 1, of every calendar year. If the wage is less or equal to the wage limit of the next year, the employee will remain insured for Sickness Insurance for the entire year despite any wage changes during the year.
The wage limit also has no effect on Accident Insurance, taking into consideration that all employees are insured, the employer pays the premium up to the wage limit.