Dear Editor,
As I understand it, an employee at age 60 is paid an N.I.S. pension, provided the employee makes 750 contributions, equivalent to 15 years’ service. I also understand that for every 50 contribution in excess of 750 a 1% is paid, so, if someone makes 1000 contributions equivalent to 20 years’ service an additional 5% is paid in addition to the minimum entitlement.
I am not aware of the formula used, unlike in the Public Service where your pension is calculated at two thirds of your salary.
I also understand that once eligible, pensions are calculated on the average earnings within the last three years of employment, which obviously means a disparity in pension between those earning a higher salary than those earning less.
If the method used by the N.I.S. is in conformity with above then obviously there would be no need to complain.
However in a discussion I had with two pensioners, they adamantly insisted that they were paid at the minimum rate despite having contributed for services in excess of twenty years which seems to confirm the assertions of Mr. Camacho in a letter to Stabroek News.
In the circumstances, and for purposes of information, N.I.S. should issue a press release clarifying the issues raised above, in addition to their policy with respect to retroactive payments and the application of increases across the board.
Yours faithfully,
(Name and address supplied)
