£403m paid into social security scheme in 2024

The report showed benefits of £387m were paid in 2024

A total of £403m was paid into the social security scheme in Jersey last year, according to a new report.

The Policy Centre has published a detailed report looking at Jersey's social security system, the first study since 2017.

Of the £403m figure, 40% was paid in by employers, 34% by employees, 6% by the self-employed and 19% from taxation.

The report also highlighted benefits of £387m were paid in 2024, of which pension payments accounted for £255m.

'Comprehensive'

In 2024, the Health Insurance Fund paid benefits of £52m, including 2.2m worth of prescriptions at a cost of £19m, plus dispensing fees of £9m.

However, Jersey's contribution rates were significantly below those of the UK, where the basic rate for employees was 8% - with an additional 2% for those on higher incomes.

The Policy Centre's senior adviser, Sir Mark Boleat said: "Jersey has a comprehensive social security system which provides a wide range of benefits at a lower cost than the UK system.

"But how the system works has been opaque."