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NIS announces Old Age & Invalidity Pension increases
The National Insurance Scheme (NIS) on Wednesday announced increases in minimum Old Age and Invalidity Pensions as well as the Contribution ceilings.
The minimum rates for Old Age and Invalidity Pensions have been increased from $32,100 to $35,000 per month, while, the minimum rate for Survivors’ Pension has been increased from $16,050 to $17,500 per month.
These increases take effect as of January 01, 2020.
Also taking effect on the same day is an increase in the Monthly Insurable Earnings Ceiling from $256,800 to $280,000 per month along with an increase in the weekly Insurable Earnings Ceiling from $59,262 to$64,615 per week.
The Insurable Earnings Ceiling is the upper limit on earnings that attract NIS contributions.
Anyone with related queries can contact NIS’ Public Relations Unit on telephone number 227-6851 or email: (i) nispublicrelations@yahoo.com (ii) public_relations@nis.org.gy or visit the local office in your area for additional information or clarity.
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