Pensioners under the National Insurance Scheme (NIS) are set to receive their new pension rates today (June 15) says the Ministry of Labour and Social Security.
In a release today, the Labour Ministry said that pensioners should expect the new rate to be reflected in their bank accounts.
This is the first increase received by pensioners under the National Insurance Scheme in the last five years.
The Ministry says pensioners who are paid by Pension Order Books will receive the new rates in July. It added that the first Pension Order Voucher in the new book will reflect the arrears as well as the month’s payment at the new rate.
The Labour Ministry further noted that pensioners whose new Pension Order Books are due in the August to December period will be paid the new rate with the arrears reflected on the first Pension Order Voucher in the new books.
“The pension rate increases are applicable to Retirement Pension Benefits, the Invalidity and the Widows and Widowers Pension, and range from 23 per cent to 76 per cent. The benefit for persons in receipt of full-rate pensions has been increased by 23 per cent moving from JMD $3,400 to $4,200 per week,” the Ministry said.
Pensioners receiving three-quarter-rate pension benefits will receive an increase of 37 per cent and move from JMD$ 2,550 per week to JMD $ 3,500 per week. Those receiving half-rate pension benefits will see a 76 per cent, moving from JMD $1,700 per week to JMD $ 3,000 per week.
The Ministry previously indicated that the new rates which became effective on April 1, 2023, would be delivered on a phased basis beginning mid-June with payment of arrears at the end of June.