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Pension Rates

CHANGES IN NATIONAL INSURANCE PENSION RATES

On the 29th March 1969, the first National Insurance Pension was paid. One of the conditions for Old Age, Invalidity, Widow’s /Widower’s, Orphan’s and Special Child is that 156 weekly contributions must have been paid by the contributor.

Three years after the commencement of the scheme, that is, 24th March 1969, the contributors to the NIS who had fulfilled all the necessary conditions including the payment of 156 weekly contributions were eligible for receiving a pension. At the end of March 1969 two persons who qualified were awarded pension.

The three basic pension rates payable in 1969 were:

From----- To

Full Basic Wkly

(39 & o ver yearly avg.)

¾ Basic Wkly

(26 to 38)

½ Basic Wkly

(13 to 25)

4/4/66-29/3/69

$2.00

$1.50

$1.50

The rates of pension payments have been reviewed periodically and the chart below reflects the increases during the last seventeen years. That is from 1/1/96 to 13/1/2013:

OLD AGE, INVALIDITY, WIDOW’S/WIDOWER’S PENSION

From----- To

Full Basic Wkly

(39 & o ver yearly avg.)

¾ Basic Wkly

(26 to 38)

½ Basic Wkly

(13 to 25)

1/1/96 – 6/9/98

$300.00

$225.00

$150.00

7/9/98 - 31/3/01

$400.00

$300.00

$200.00

1/4/01 - 30/6/03

$600.00

$450.00

$300.00

1/7/03 - 2/4/03

$900.00

$675.00

$450.00

3/4/06 - 6/4/08

$1500.00

$1125.00

$750.00

7/4/08 - 30/6/10 $2,000.00 $1,500.00 $1,000.00
1/7/2010 -9/1/13 $2,400.00 $1,800.00 $1,200.00
13/1/2013-- $2,800.00 $2,100.00 $1,400.00

OTHER CATEGORIES

CATEGORY OF PENSION

PREVIOUS WEEKLY RATE WEEKLY RATE January 10, 2013
Sugar Worker’s Pension $1,200.00 $1,400.00
Orphan/Special Child Allowance $4,200.00 $4,900.00
Dependent Spouse’s Allowance (addition to Old Age and Invalidity) $800.00 $900.00
Special Anniversary Pension (for persons born 1908 and earlier) $1,200.00 $1,400.00
Maternity Allowance (8 weeks payable to domestic workers only) $4,500.00 $5000.00(Tied to National Minimum Wage)
Employment Injury Benefit and Disablement Pension $320.00 - $3,200.00 $320.00 - $3,200.00

 GRANTS

CATEGORY OF GRANTS PREVIOUS GRANT GRANT AS AT January 10, 2013
Funeral Grant $70,000.00 $80,000.00
Old Age Grant $40,000.00 $50,000.00
Invalidity Grant $40,000.00 $50,000.00
Widow’s/Widower’s Grant $40,000.00 $50,000.00
Orphan’s/Special Child’s Grant $48,000.00 $55,000.00

 


 
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