The National Insurance Scheme (NIS) has announced an increase in old-age pension which took effect from January 1, 2020.
However, it was noted that the insurable earnings ceiling has increased.
This is according to a statement that was issued by NIS declaring the increase in minimum old age and invalidity pensions, an increase in minimum survivors’ pension, an increase in the insurable earnings ceiling-monthly, and increase in the insurable earnings ceiling- weekly.
The minimum rates for old age and invalidity pensions have been increased from $32,100 to $35,000 per month, while the increase for minimum rate for survivors’ pension has been increased from $16,050 to$17,500 per month.
Meanwhile, the monthly insurable earnings ceiling has been increased from $256,800 to $280,000 per month and the weekly insurable earnings ceiling has been increased from $59,262 to $64,615 per week
