FSM Social Security Taxable Wage Base to Increase on January 1, 2018
Category : Press Releases
November 24, 2017
FSM Social Security Administration hereby reminds the general public that per Public Law No. 16-10, the taxable wage base is scheduled to increase from $7,000 to $8,000 on January 1, 2018.
The purpose of the social security law is to effect economy and efficiency in the fields of government and business by providing a means whereby employees may be ensured a measure of security in their old age and given an opportunity for leisure without hardship and complete loss of income. Further, to provide survivors’ insurance for wage earners and their dependents.
The increase is part of several amendments that were enacted to improve the short term as well as long term viability of the program.