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New NIS ceiling sees some contributors paying more
2013-01-05 14:12:20 | (0 Comments)
The Ministry of Labour and Social Security has announced that effective Thursday, all pension benefits payable under the National Insurance Scheme (NIS) will be increased.
The Ministry says with the increase in the NIS insurable wage ceiling set to take effect on Monday, some contributors will have to pay more.
The new rate for Old Age, Invalidity and Widow or Widowers’ pension will move from $2,400 per week to $2,800 per week for the full rate.
The Ministry says both the NIS Special Anniversary and Sugar Worker’s Pensions will also be increased from $1,200 per week to $1,400 dollars per week.
The NIS Funeral Grant has also been increased by $10,000 to $80,000.
In addition, the ministry says Old Age, Invalidity, and Widow or Widowers’ grants will be raised by $10,000 to $50,000 while Orphan and Special Child grants will move from $48,000 to $55,000.
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Source: The Gleaner/Power 106 News
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