Pension and lump sum benefits to increase

By Office of the PM

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NIC building Waterfront Castries.

PRESS RELEASE – Effective July 1, 2015, pension and lump sum benefits paid by the National Insurance Corporation (NIC) will increase.

This announcement was made by Prime Minister and Minister for Finance, in Tuesday’s 2015/2016 Budget Statement.

The Prime Minister informed that these changes have been approved by the International Labour Organization (ILO), based on an actuarial review of the funds held by the National Insurance Corporation.

Dr. Anthony said, “I am pleased to advise that approval has been given to the National Insurance Corporation to increase pension payments by 3 percent effective July 1, 2015. Increases in other lump sum benefits will also take effect on July 1, 2015. Among these would be an increase in the funeral grant from $1,750.00 to $2,500.00. The NIC has also accepted a proposal to allow persons to receive a pension on or after the age of 65 years, even if still in employment.”

The Prime Minister also revealed that an active consultation is underway between the NIC and the ILO for coverage of the self-employed. This, he says, will cater to farmer and fishers who qualify.

The last actuarial review was conducted by the Social Security Department of the ILO, in June 2010.

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11 comments

  1. wtf Kenny think he doing///you liar. you did your ting on your own,,,i have applied for my tax return its 5 years now, I still cant receive a dime from nic, now wat? Kenny hmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm. u looking for sum hot

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  2. What bout our tax returns if you don't have friends in there you not getting nun from them ppl pure BS give us what's due to us

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  3. Lucians eh know what they want. get and increase your'll complaining. don't get one your'll complaining.smh

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  4. Beaten and battered

    As a youth I say Kenny hold your MC!!!!!!

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  5. So Government pensioners are not considered for an increase to?

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  6. Better Days are here to stay !!

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  7. What a joke.

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  8. Bring down the pension age. Let those who are 55 retire to make way for those leaving school. It is a cycle. Out with the aged. In with the youth. Most are not even living till 65 and if they do they hardly have time to enjoy their pension.

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    • Don't think he will bring down the age, 65 is a good age for lesser payouts since people are dying younger. So a funeral benefits work out better than 10 year pension benefits. In addition he is re-employing persons who have retired from gov't service and bringing them in on contracts. Where are the job's for young people, just recycling the non performers back into the system. I guess we asked for it.

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    • & is not that alone, d people who reach d pension age, they get their pension & still working & getting a salary.....that's NOT right. They have that NONSENSE saying that we don't have ANY1 qualified for that position so we have 2 call dem back.....U know d person will B retiring....START training some1 else so wen dey leave, that other person can do the job........BULL!!!!! How do U expect some1 to get EXPERIENCE if they R not trained...we're in d 21st century...STOP talking dat CRAP!!!

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  9. Don't forget that from the $2500 funeral benefit $326 goes to Kenny or Tony as VAT on funeral costs. Therefore the net increase is $424. Dat ain't nothing to bury a dead.

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