NIS announces increase in minimum pension

The National Insurance Scheme (NIS) says that the minimum rate for Old Age and Invalidity pensions will be increased from $21,352 to $25,000 per month from January 1st, 2016.

In a notice in yesterday’s Sunday Stabroek, the NIS also said that the minimum insurable earning ceiling for self-employed persons contributing to the NIS will be increased from $53,334 to $62,400 per month from January 1st, 2016.

The funeral grant will also be raised from $33,385 per month to $36,725 from January 1st, 2016.

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