In a wide-ranging interview with Checkpoint Payroll Update (Thomson Reuters), Partner Susan Lubow addressed many implications of the 2023 Social Security wage base limit increase, which is rising from $147,000 to $160,000 in the coming year.
Her remarks were included in a Dec. 20, 2022, article titled “Legal Expert Discusses Large Social Security Wage Base Increase and Looking Ahead to 2023.” Lubow addressed employer reaction to the increase and offered suggestions for how they may want to communicate the change to their employees.
She also told the publication that there’s no way to predict if more increases are on the horizon. To prepare for uncertain times, she said, “Employers should continue to carefully monitor their finances and should consider how to best weigh employee-retention efforts and hiring against the potential recession.”
Read the article.