NIS announces increase in funeral grants, minimum pension
(DPI Guyana) – 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 pension, Old Age and Invalidity pensions, those provisions were increased from $27,500 to $30,000 per month.
The NIS stated that all pensions that are above the minimum pension will be increased by two percent.
The monthly Insurable Earning Ceiling has also increased from $220,000 to $240,000 per month, while the weekly Insurable Earnings Ceiling will be increased from $50,769 per week to $55,385 per week.
The Insurable Earnings Ceiling is the upper limit on earnings that attract NIS contributions.
In 2017, increase in Insurable Earnings Ceiling went from $200,000 to $220,000 per month, and $46,154 to $50,769 per week.
Additionally, the minimum insurable earnings ceiling for self-employed persons contributing to the National Insurance Scheme was increased from $62,400 to $68,750 per month.
The minimum rate for Old Age and Invalidity Pensions was also increased from $25,000 to $27,500 per month, and the amount of Funeral Grant from $36,725 to $40,398.