NIS announces increase in funeral grants, minimum pension

0

According to a release from the Department of Public Information (DPI) funeral grants are among the increases announced by the National Insurance Scheme (NIS) effective from January 01, 2018.

The funeral grant was increased from $40,398 to $44,438, and as it relates to the increase in minimum pension.

For Old Age and Invalidity pensions, those provisions were increased from $27,500 to $30,000 per month.

The NIS stated, according to the DPI, that all pensions that are above the minimum pension will be increased by two per cent.

The monthly Insurable Earning Ceiling has also increased from $220,000 to $240,000 per month, while the weekly Insurable Earnings Ceiling will be increased from $50,769 per week to $55,385 per week.

The Insurable Earnings Ceiling is the upper limit on earnings that attract NIS contributions.

In 2017, increase in Insurable Earnings Ceiling went from $200,000 to $220,000 per month, and $46,154 to $50,769 per week.

Additionally, in 2017, the minimum insurable earnings ceiling for self-employed persons contributing to the National Insurance Scheme was increased from $62,400 to $68,750 per month.

The minimum rate for Old Age and Invalidity Pensions was also increased from $25,000 to $27,500 per month, and the amount of Funeral Grant from $36,725 to $40,398 in 2017.

LEAVE A REPLY

This site uses Akismet to reduce spam. Learn how your comment data is processed.