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Gibraltar Proposes Social Security Reforms

by Robert Lee, Tax-News.com, London

24 November 2006


The government of Gibraltar has published new proposals to reform the jurisdiction's system of social security contributions.

The proposals aim to ensure that low paid workers, genuine part time workers and casual workers pay significantly lower social insurance contributions. The new arrangements will come into effect on 1 January 2007.

The new proposed scheme is based on earnings, but contributions will be capped and hundreds of low paid and part-time workers will enjoy reductions in their contribution rates, according to the government.

The new proposed scheme also introduces reforms ensuring that future part-time workers will be entitled to an old age pension. Under the present Scheme part-time workers (i.e. those working, or registered as working less than 15 hours a week) do not accrue a right to an old age pension. This will change under the proposed new Scheme, the government said.

A consultation paper containing the proposals has been sent to unions, trade organisation and other relevant bodies.

A comprehensive report in our Intelligence Report series giving background tax and residence information on many of the key offshore jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report4.asp

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