The National Insurance Scheme (NIS) has upped its funeral grant by some $4,000.
In an announcement yesterday, the NIS disclosed that the funeral grant was among several increases that will be effective from January 1, 2018. The funeral grant will move from $40,398 to $44,438.
Also increased is the minimum rate for old age pension. “The minimum rate for Old Age and Invalidity Pensions will be increased from $27,500 to $30,000 per month,” NIS disclosed.
“All pensions that are above the minimum pension will be increased by two percent.”
The monthly insurable earnings ceiling is to be increased from $220,000 to $240,000 per month.
The weekly ceiling is to be increased from $50,769 per week to $55,385 per week.
The Insurable Earnings Ceiling is the upper limit on earnings that attract NIS contributions.
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