Next week residents will see an additional $1.46 taken from their weekly paycheque as pension contributions are set to rise.

The 2006 Amendment of Contributions and Benefits will come into effect on August 7. Yesterday, the Department of Social Insurance advised employers that weekly contributions will rise from $50.68 to $53.60.

Employers will be expected to deduct $26.80, half of the contribution rate, from each employee every week. Employers will also receive the 2006/2007 Social Insurance contribution calendar to assist them in calculating the social insurance contributions that they are required to pay during the year.

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