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.