Effective 1st January, 2017, the below rates have been adjusted:
Increase In Insurable Earnings Ceiling:
- Monthly: from $200,000 to $220,000 per month.
- Weekly: from $46,154 per week to $50,769 per week.
Increase in minimum Insurable Earnings Ceiling for Self Employed:
The minimum insurable earnings ceiling for self-employed persons contributing to the National Insurance Scheme will be increased from $62,400 to $68,750 per month.
Increase in Minimum Pension:
The minimum rate for Old Age and Invalidity Pensions will be increased from $25,000 to $27,500 per month.
Increase in Funeral Grant:
The amount of Funeral Grant will be increased from $36,725 to $40,398.
Employers are also reminded to download a fresh copy of the electronic schedule which has the updated insurable earnings ceilings.