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Ailing NIS introduces new increases
Although it is reported that the National Insurance Scheme (NIS) could face financial difficulties in the next couple of years, the state insurance agency announced its new contributor friendly increases at a public forum held on the Scheme’s premises last Wednesday.
Come January 1, next year, NIS said contributors will enjoy increases in three areas. Pensioners will see an increase in the minimum pension received. The insurable earnings ceiling of contributors will be increased and the minimum insurable earnings ceiling of self-employed persons, will also be levitated.
The Old Age and Invalidity pension was increased by a little more than $1,200; from $16,604 to $17,932 per month.
For persons, earning over $132,000 per month, the insurable earning, which is the upper limit on earnings that attract NIS, was increased by a little over $1,200. The earning ceiling insurable now stands at $143,455 per month. Weekly earners of over $30,000 will see the insurable earnings raised to over $33,000 from $30,653.
Self-employed persons will now see the insurable earnings ceiling move from $41,000 to over $44,000. That is, persons who were making contributions after earning over $41,000 per month will now make contributions after earning about $4000 extra.
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