It is of interest to note that, while the total Social Security contributions paid by a Self-employed person is 13.25% of his earnings, the minimum Pension for which he may qualify is 30% of his Average Annual Insurable Earnings (AAIE). Additionally, the Short-term Benefits he may qualify for are paid at the rate of 60% of his Average Weekly Insurable Earnings (AWIE).

Self-employed persons currently qualify for Short-Term and Long-Term benefits.

Short-term Benefits: These are benefits that are generally payable for a short duration of time (not exceeding 26 weeks or 6 months) and are meant to partially replace employment income lost as a result of temporary absence from work. A qualifying claimant is paid a maximum of 60% of his average insurable earnings during the period of time that he is medically certified to be incapable of work. A person in receipt of Short-term benefit is responsible for informing the DSS office if there is any change of circumstances affecting his continued rights to such benefit. Short-term Benefits being paid by DSS are as follows:

• Sickness Benefit
• Maternity Allowance
• Maternity Grant

Long-term Benefits: are benefits paid for an extended period and, once payable, in most cases are generally paid for the rest of the pensioner’s life. The quantum of benefit payable is a function of the number of Contributions (or Credits) which an insured person has recorded against his account, and his average insurable earnings during the best 10 of the last 15 years prior to his date of eligibility. Having determined the Claimant’s Average Annual Insurable Earnings (AAIE), the Claimant is usually paid a percentage of such Average Insurable Earnings. The percentage payable depends on the number of Credits which the person had accumulated during his working life up to his date of eligibility. (Please see the Pension Percentage Computation Chart for the percentage equivalency.)

The Long-term benefits being paid by DSS are as follows:

• Age Benefit
• Invalidity Benefit
• Survivors Benefit

In addition, a lump sum Funeral Grant is provided to assist with the burial expenses of an Insured Person, his or her spouse, and/or dependent children. The Grant is payable to the person(s) who has met, or is liable to meet, the burial expenses.