With effect from January 1, 2018, pensioners will see an increase in their pension. This is according to information released by the National Insurance Scheme [NIS].
According to NIS, the minimum rate for Old Age and Invalidity Pensions will be increased from $27,500 to $30,000 per month. All pensions that are above the minimum pension will be increased by two percent.
The monthly Insurable Earning Ceiling will be increased from $220,000 to $240,000 per month and the increase in the weekly Insurable Earnings Ceiling will be increased from $50,769 per week to $55,385 per week. The amount of Funeral Grant will be increased from $40,398 to $44,438.
The Insurable Earnings Ceiling is the upper limit on earnings that attract NIS contributions.
For those persons who are desirous of finding out more about the recent decent development, they can contact the Public Relations Unit on Telephone number 227-6851 or email: ((i) [email protected] (ii) [email protected] or visit the local office in your area for additional information or clarity.