| OCR Text |
Show Social Security 'Take' Goes Up January 1 Starting January 1, 1960, the social so-cial security tax rate will be in- creased from the present 2V2 per cent of wages, paid by employes and employers alike, to 3 per cent, to be paid by both. The present rate of 3 per cent of net earnings paid b the self-employed self-employed will be increased to 4V- per cent of net earnings. Since its adoption in 1935, the social security program has grown phenomenally, both in coverage, beneficiary categories, and in amount of benefit payments. Starting Start-ing as a retirement program for the protection of the aged wage-earner, wage-earner, it now has become a family insurance program, protecting not only the wage earner, but the self-employed self-employed as well, in old-age and in total disability, and the family in case of the worker's death. In 1937, the social security tax rate was 1 per cent by employes and 1 per cent by employers. This low tax rate was adequate under the restricted retirement provisions provi-sions of the original act and sufficient suffi-cient to maintain a self-supporting program. |
