The National Insurance Scheme (NIS) has announced that it has increased all pensions that were paid as at December 31, 2007 by five per cent from January 1, 2008.
Further, the NIS has increased the minimum rate for Old Age and Invalidity Pensions from $13,335 to $14,207 per month effective from January 1, 2008.
And effective March 1, 2008, the insurable earnings ceiling will be increased from $104,278 to $113,660 monthly and from $24,064 to $26,229 weekly.
The NIS also announced that with effect from January 1, 2008 the limit for reimbursement of overseas sickness medical care costs will be increased from $1,042,780 to $1,136,600.
