The Social Security’s Board of Directors agreed, on December 22^nd, 2020, to increase the minimum tax base used to calculate the contributions towards the Health Insurance (in Spanish SEM “sickness and maternity insurance”) and Retirement Fund (in Spanish IVM “disabled, elder and death insurance”). This increase was established in Session N°9149 and published in the Official Gazette N°3 of January 6^th, 2021 - resolution CNS-RG-6-2020.

Therefore, the newly established bases are the following:

• IVM: ¢ 278,030.00 *
• SEM: ¢ 297,044.00 *

*Notwithstanding the above, the salary must be calculated based on the total salary paid under any denomination (real salary earned).

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