The phrase “Social Security formula change” can refer to different things. This article separates the calculation of old-age pension benefits from the contribution rate deducted from wages, so readers do not assume that contributions for all insured categories will immediately increase.
CARE is a proposal about pension benefits
Ministry of Labour news about the CARE formula concerns changing how old-age benefits are calculated, using a person’s wage history across more of their working life. This is not evidence that contribution deductions for insured persons under Sections 33, 39, and 40 have all changed at the same time.
Official news says the draft passed a policy-level approval stage. It would take effect only through the required steps, including publication in the Royal Gazette and the specified effective period. The available news is therefore not enough to conclude that the new formula is already in force for everyone.
What to check before planning pension income
- Check your insured-person category and contribution base with the Social Security Office.
- Separate news about a “pension calculation formula” from news about a “wage ceiling or contribution.”
- Before calculating benefits, check the official notice that is actually in force, including its start date and transitional provisions.
For an individual insured person, benefits depend on contribution history and the rules that apply to that case. Do not use a news example as a substitute for checking your own entitlement.
Sources
- Ministry of Labour: CARE formula update
- Public Relations Department: report on the CARE draft
- Social Security Office
Video scope: The available records do not contain a transcript that could be checked for the linked clip, so the video is not used to verify contribution rates or effective dates. This article relies on the linked government sources; check the latest official notice before calculating benefits.
Original video: Watch the original clip on YouTube