Employers and employees will pay more in the Contributory Pension Fund beginning next week.

The Department of Social Insurance yesterday advised all employers that the weekly contributory rates will rise from $50.68 to $53.60 from Monday, August 7.

Employers should deduct $26.80 which amounts to one half of the contribution rate from each employee's wage or salary.

Employers' Social Insurance statements sent at the end of each month will show the new full weekly contribution rate.

Employers will also receive the 2006/2007 Social Insurance contribution calendar to assist them in calculating the social insurance contributions they are required to pay during the 2006/2007 year.

For further information, employers may contact the Contributions section of the Department by calling 295-5151, extension 1147, 1135, 1117 or 1134.

The increase is in accordance with with the Contributory Pensions (Amendment of Contributions and Benefits) Order 2006.