The Social Security Rate in Barbados stands at 23.85 percent. Social Security Rate in Barbados averaged 21.58 percent from 2009 until 2019, reaching an all time high of 23.85 percent in 2019 and a record low of 21.35 percent in 2010.

Social Security Rate in Barbados is expected to be 23.85 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Barbados Social Security Rate is projected to trend around 23.85 percent in 2020, according to our econometric models.

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Barbados Social Security Rate

Actual Previous Highest Lowest Dates Unit Frequency
23.85 21.35 23.85 21.35 2009 - 2019 percent Yearly

Barbados Social Security Rate
In Barbados, the Social Security Rate is a tax related with labor income charged to both companies and employees. Revenues from the Social Security Rate are an important source of income for the government of Barbados because they help to pay for many social programs including welfare, health care and many other benefits.

Barbados Taxes Last Previous Highest Lowest Unit
Personal Income Tax Rate 33.50 33.50 35.00 33.50 percent [+]
Corporate Tax Rate 25.00 25.00 25.00 25.00 percent [+]
Sales Tax Rate 17.50 17.50 17.50 15.00 percent [+]
Social Security Rate 23.85 21.35 23.85 21.35 percent [+]
Social Security Rate For Companies 12.75 11.25 12.75 11.25 percent [+]
Social Security Rate For Employees 11.10 10.10 11.10 10.10 percent [+]