Increase in NIS Earnings Limit and Benefits

News & Updates

Oct
03

Increase in NIS Earnings Limit and Benefits

Section: Uncategorized | 0 Replies

INCREASE IN NIS EARNINGS CEILING AND BENEFITS

The National Insurance Board would like to advise members of the public of the following increases to the NIS Insurable Earnings Limit and benefits.

Insurable Earnings

Effective January 1st, 2017, the maximum insurable earnings for monthly paid workers will be $4, 650 per month and $1, 073 for weekly paid workers per week.

Contributory Benefits

The benefits affected by this change are old age contributory, invalidity, survivors and death benefit.

Effective January 2nd, 2017, these pensions will be increased by 6.24%. The increase will apply to all pensions-in-payment or payable on or before December 31st, 2016.

Minimum old age contributory and invalidity pensions will be increased to $190 per week.

Non-contributory Pension

The Government of Barbados, via the Minister of Finance, has already approved an increase in the non-contributory pension to $155 weekly.

Grants

Effective January 1st, 2017, the funeral and maternity grants will be increased to $2, 120 and $1, 220 respectively.

Please note that the contribution rates will remain the same.

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