Georgetown: The National Insurance Scheme (NIS) announced that it has agreed to increase all Old Age Pensions by five per cent, with effect from January 1, 2015.
The Scheme disclosed that the minimum rate for old age and invalidity pension will be increased from $19,770 to $21,532 per month from January 1.
In addition, the insurable earnings that attract NIS contributions will be increased from $158,159 to $170,812 per month or from $36,498 to $39,418 per week, effective from January 1.
The announcement also revealed that the minimum insurable ceiling for self employed persons contributing to the Scheme will be increased from $49,384 to $53,334 per month as of January 1. Old age pensioners will be issued with pension order books which will contain six benefit payment vouchers each. These payment vouchers will become eligible for encashment on a monthly basis.
However, 2015 will also see new books being prepared and issued, when life certificates are submitted, which attest to the pensioner being alive.
To qualify for Old Age Pension, the insured person must have paid no less than 150 contributions or paid and been credited with not less than 750 contributions and has to be no less than 60 years of age.
To qualify for an Old Age Grant, the insured person must have paid more than 50 contributions and has to be above the age of 60. An Old Age Grant is a lump-sum payment equal to one-twelfth the average annual insurable earnings for each group of 50 contributions, whether paid or credited or paid and credited.
An Old Age Pension is paid to the insured person, for as long as he or she is alive while an Old Age Grant is a single payment. A claim for old age benefit must be made by completing a few forms. These forms must be taken.
Meanwhile, the Old Age Pension programme which assists some 42,000 senior citizens will see an added increase in the monthly amounts disbursed.
In 2011, Finance Minister, Dr Ashni Singh had disclosed that “efforts will be placed on providing more opportunities for improving the physical and social well-being of the elderly in social services and health care. In addition, there will be continued financial support in the form of Old Age Pensions and water payment subsidies for senior
Citizens.
