St. Maarten update: SZV ZV/OV-wage limit increase to ANG 120,000
Written by Matthew Verhage
Posted on 2 Aug 2022 - 2 minutes read
Per August 1, 2022, in St. Maarten, the SZV ZV/OV-wage limit has increased from ANG 67,816.32 to ANG 120,000 per year (see attachment).
To accomplish a smooth transition for employees (back) to SZV sickness insurance, employers are reminded by the SZV of their obligation to register all their employees at SZV in their SZV Employer Portal Account.
As of July 1, 2022, also employees have a changed procedure and obligation to update their registration at SZV in their MySZV Account. You can read more about these obligations in our blog posted on June 28.
What will change in your payroll administration?
Employees that before July 31, earned more than the current SZV wage limit of ANG 67,816.32 per year (ANG 5,651.36 per month) and work on a 5- or 6-day workweek, probably have a private sickness insurance and do not pay SZV ZV-premium. This has changed per August 1, please find below the changes that must be processed:
- The private sickness insurance can be stopped or changed to an additional sickness insurance in addition to the SZV sickness insurance;
- Possible employer contributions for private sickness insurances must be stopped or changed (see point 1 above) and
- Per August 1st these employees must pay SZV ZV-premium so the ZV-premium must (manually) be activated in the payroll.
The SZV ZV-premium is 12.5% of the employee’s SZV-wage, which consists of an employer contribution of 8.3% plus an employee contribution of 4.2%. However, the total ZV-premium of 12.5% can be paid fully by the employer.
And finally, this increase in wage limit will also have an effect on the OV-premium, which is the premium for insurance in case of industrial accidents. This premium will also increase by increasing the wage limit.
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