The National Insurance Scheme (NIS) yesterday announced the following increases in pensions and the contributions ceiling.
These are consequent to the announcement by the government last year of a new minimum wage.
Effective 2020-01-01 (Pensions)
(1) Increase in minimum Old Age and Invalidity Pensions
The minimum rates for Old Age and Invalidity Pensions have been increased from $32,100 to $35,000 per month.
(2) Increase in minimum Survivors’ Pension The minimum rate for Survivors’ Pension has been increased from $16,050 to $17,500 per month.
Effective 2020-01-01(contribution ceilings)
(1) Increase in the Insurable Earnings Ceiling-Monthly
The monthly Insurable Earning Ceiling has been increased from $256,800 to $280,000 per month.
(2) Increase in the Insurable Earnings Ceiling- Weekly
The weekly Insurable Earnings Ceiling has been increased from $59,262 to $64,615 per week.
The Insurable Earnings Ceiling is the upper limit on earnings that attract NIS contributions.