Requirement to Register as a self-employed person
·
If you are gainfully employed as a self-employed
person, you must register with the Department of Social Insurance.
·
Every self-employed person is required to have a
Social Insurance Number and pay contributions into the Contributory Pension
Fund.
·
Self-employed individuals pay the full
contribution week for each week they work more than 4 hours.
·
Monthly contributions to the Contributory
Pension Fund are mandatory for employers, with half of the total amount
deducted from their employees’ salaries.
·
Self-employed individuals are subject to be
inspected to ensure compliance with the Contributory Pensions Act 1970.
Payments on Accounts
Social Insurance payments can be made through online banking as a payee on:
- HSBC
- Butterfield Bank
- Clarien Bank
Payments can also be made at the Department of Social Insurance.
Important Information
·
The Contribution Year begins on the
first Monday of August and concludes on the Sunday before the next year’s first
Monday in August. For example, the 2025 contribution year began Monday August 5th 2024
and ends Sunday August 3rd 2025.
·
The Contribution Week begins on
Monday and ends on Sunday.
·
Only one contribution is payable per week per
person.
·
If you are an employed person and self-employed
your employer is required to pay Social Insurance contributions on your behalf
and deduct fifty percent from your salary or wage.
·
Self-employed individuals are billed a month in
arrears.
·
The payment of contributions is not required for
weeks that you do not work more than 4 hours. The Department of Social Insurance must be advised in
writing, no more than 30 days after the unpaid leave period.
·
Letters of good standing are issued to the
self-employed who are compliant with the Contributory Pensions Act 1970.