PRESS RELEASE – An Actuarial Review of the National Insurance Corporation is conducted every five years.
The objective of the review is to foster the good governance of the National Insurance Corporation by securing the long-term financial sustainability of the NIC and considering appropriate reform measures based on the findings and recommendations of the report.
As announced by the Prime Minister, in his 2015/2016 Budget Address, the National Insurance Corporation is pleased to inform of the following changes as of July 1st 2015:
1. Overall increase in all pensions by 3%: This increase will be applied to all new and existing pensioners.
2. Increase in the Funeral Grant from $ 1,750 to $ 2,500: This increase is applicable to all claims made after June 30, 2015. There will also be a prorated increase in the Funeral Grant payable to dependents.
3. Ability to receive pensions on and after the age of 65, even if still in employment.
Pensioners last received an increase of 4% in 2010.