Care Fund Contributions To Rise

The amount Jersey taxpayers pay in to the Long Term Care Fund is set to rise in 2020.

The Social Security Minister has confirmed her intention to put contributions up by half a percent.

The rate was 0.5% of taxable pay when it was introduced in 2015 and rose to 1% a year later.

Deputy Judy Martin says an increase is likely to be agreed by the States next year after an independent report said the cost of funding care will grow more quickly than income because of the ageing population.

The Long Term Care Fund provides financial support to people with long term care needs – either in a residential care home or their own home.

Actuaries Aon Hewitt have found that the current contribution rate of 1% will need to increase steadily over the next 25 years, with the first rise of 0.5% recommended in 2020.

“To ensure that the Fund can continue to provide support to households in the future, it’s likely that I will include a 0.5% increase in the long term care contribution rate in the 2020 Government Plan, which will be debated next September.” – Deputy Judy Martin, Social Security Minister

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