NIC increases benefit payments effective July 1, 2015

By NIC

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NIC building, Waterfront, Castries.

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.

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12 comments

  1. Although 2500 is not much but it still helps. Without that grant how would we bury our loved ones. My problem though it doesnt matter how much you pay NIC big or small man gets the same amount. If a wife dies and her husband is already receiving a pension they give you the husband a percentage of the wifes pension. In mind if she worked for it the family deserve it - just saying. Maybe i don't understand how this NIC thing works. Ms Teacher like me you will have to go in and speak to them because it doesnt seem right. Maybe you can claim unemployment benefit - I dont know

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  2. My question is. I'm a teacher and i will retire when i'm 60 years old. Why should i wait until i'm 65 years old to start receiving my pension. How i'm I supposed to survive for the five years prior to my pension? This is how much the government cares about it's people. Hope the UWP administration changes this when they come back in.

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  3. Thank you "Truth". We need to wake up and realize that we don't need the government to do everything for us. Stop wanting to be spoon fed all of our lives. Instead of sitting back complaining, GET UP and do something positive and helpful to society.

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  4. We all stand to benefit and for this reason I say "Better Days for All".

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  5. Are we still going to pay 15 percent VAT on funeral expenses?
    By the way what is the Vat money used for?

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  6. Really? Smh

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  7. Shocked is it the government duty to bury people? What is really wrong with SOME St Lucians? They raise the pension SOME of us still complaining. All of a sudden the government is suppose to spoon feed us St Luciana.

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  8. Christine isn't the press secretary a St Lucian like you, who is entitled to receive what she is receiving because of her job like everybody else, before and after her have received? Wouldn't you receive these same benefits if you were press secretary?

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  9. Jeepers ONLY in St Lucia you all do not want to pay taxes, you all go anywhere else and begin paying taxes as you all land with NO complaints.

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  10. Politrics politrics. Lucian ppl wake up. Why they didn't mention that the press secretary just got a check for over $200,000 too? That's atop $64000 free hospital bill and a $8,000/month salary all for surfing the net and grinning hee ugly split tooth. Elections coming.

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  11. With the cheapest funeral package 2500 can't give anyone a decent burial. As usual the poor people that always holding the shitty end of the stick.

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  12. Election coming. Thank you, although Kenny take it all in VAT and taxes

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