Each year the pension and wage limit 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 regarding the increase of the wage limits, old age pension, widows and orphans pension. According to the calculations of the Department of Statistics (STAT) the cost of living has increased by 3.2 %. This means that the wage limit for 2012 is Nafl. 5.096,74 Per month.
The SZV also states that the old age pension has been modifiedin accordance with the development of the cost of living, as of January 1st 2012 to Nafl. 856,–per month. The amounts for widows and orphans pension have 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 Nafl. 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 Nafl. 61.160,86. The gross wages of employees already in service of the employer is determined on November 1st 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.
Listed here is the complete table with all amounts and premiums for 2012.
