THE National Insurance Scheme is informing that the old age pension increases took effect on January 1, and payments for all beneficiaries will be made on February 1.

Public Relations Officer, Diane Lewis Baxter, told DPI that measures are in place to ensure that all pensioners receive their benefits. “The pension took effect from the first of January 2020 and is for those persons who receive $32,100, so those are the minimum pensioners and it will be paid in February. We do have the banking system and we call it lodgment, where persons will submit their bank account numbers so that we can put the monies into their bank account. Apart from that, we have offices in every administrative region and persons can visit these offices if they do not have a bank account,” Baxter said.

The PRO noted that there has been an increase in the insurable earning ceiling with a monthly rating of $256,000 to $280,000, with weekly moving from $59,262 to $64,615. “…that means, is that persons who make claims for their NIS benefits will be paid at a higher rate and for persons who are retiring this time next year, that also will have a spin-off effect, in that it will affect the amount they will receive as a pension and that’s for those who are paid on the ceiling,”
The Public Relations Officer stated that the statutory date for pensions to be submitted to the bank is the 22nd of every month. She urged pensioners to submit their life certificates on time. (DPI)