The National Insurance Scheme yesterday announced that the old age pension and survivor’s pension will rise along with the insurable income ceiling.
Effective 2019-01-01, the NIS said that the minimum rates for Old Age and Invalidity Pensions have been increased from $30,000 to $32,100 per month.
The minimum rate for Survivors’ Pension has been increased from $15,000 to $16,050 per month.
The size of the Funeral Grant has been increased from $44,438 to $48,882
Effective 2019-02-01, the monthly Insurable Earning Ceiling will be increased from $240,000 to $256,800 per month.
The weekly Insurable Earnings Ceiling will rise from $55,385 to $59,262 per week.
The Insurable Earnings Ceiling is the upper limit on earnings that attract NIS contributions.
