Social security contributions vary enormously by country. Employers operating in different jurisdictions must take note of these differences when implementing cross-border initiatives to ensure compliance with the law.
An Ius Laboris survey covering 31 countries outlines employers’ and employees’ legal requirements. This article focuses on the Americas.
The contribution rate payable by employers remains at 20.4 percent until Dec. 31 and will then be gradually reduced to 19.5 percent by 2022. There is also an amount payable under labor accident insurance, which is dependent on the rates applicable to each employer.
Employees are required to pay a contribution equal to 14 percent of their salary. This will be automatically deducted from the…
Credit to Ius Laboris for the original post.