The troubled National Insurance Scheme (NIS) announced yesterday that the monthly insurable income ceiling will rise by 17% effective from October 1, 2015.
In a notice in the Mirror newspaper, the NIS said that the monthly figure will move from $170,812 to $200,000 per month. The $200,000 figure had been recommended by an actuarial report in 2012 and the Scheme then embarked on phased increases.
Today’s notice said that the weekly figure will move from $39,418 to $46,154.
The insurable income ceiling is the upper limit on earnings that attract NIS contributions.
The government and the NIS face critical decisions on the way forward as the Scheme has begun to suffer a deficit
