Funeral grants are among increases announced by the National Insurance Scheme (NIS) effective from January 01, 2018.
The Funeral Grant was increased from $40,398 to $44,438; and as it relates to the increase in minimum payments for Old Age and Invalidity pensions, those provisions have been increased from $27,500 to $30,000 per month.
The NIS stated in an advertisement that all pensions that are above the minimum payable rate would be increased by two per cent.
NIS Headquarters at Brickdam, Georgetown
The monthly insurable earning ceiling has also increased from $220,000 to $240,000 per month, while the weekly insurable earning ceiling will be increased from $50,769 per week to $55,385 per week.
The insurable earning ceiling is the upper limit on earnings that attract NIS contributions.
In 2017, increase in insurable earning ceiling went from $200,000 to $220,000 per month, and from $46,154 to $50,769 per week.
Additionally, the minimum insurable earning ceiling for self-employed persons contributing to the National Insurance Scheme has been increased from $62,400 to $68,750 per month.
The minimum rate for old age and invalidity pensions has also been increased from $25,000 to $27,500 per month, and the amount of funeral grant has been increased from $36,725 to $40,398.
