National Insurance Board (NIB) Director, Dr. Tami Francis announced increases to the insurable wage ceiling and benefits effective July 1st at a press event on Wednesday.

Pensions will increase by 1.5% while the insurable wage will increase by $20 per week. Dr. Francis said, “the weekly insurable wage ceiling will increase from $810 to $830. The monthly insurable wage ceiling will increase from $3,510 to $3,597. All minimum pension rates and grants will increase by 1.5%. All pensions currently in payment prior to July 26th will increase by up to 1.5%.”

According to the NIB Director the contributions increase will only effect persons making more than $810 per week. She said, “for employees paying at the contribution rate of 4.65% the additional employee contribution amounts to 93 cents per week or converted to $4.03 per month.”

The grant given to new mothers is also being raised from $560 to $570 and funeral benefits from $2,060 to $2,100. Dr. Francis said, “a pensioner receiving a minimum retirement pension of approximately $364 per month will receive an increase of approximately $5.46 per month. While this increase may appear modest it reflects an important principal, pension benefits should not be frozen while the cost of living continues to change. The biennial adjustment process insures that pensioners receive regular reviews and cost of living adjustments through an established legislative framework rather than having to wait for special legislative action.”

The increase in benefit to pensioners will vary. All pensions awarded prior to 2024 will be adjusted to receive the full increase. Those awarded after July 2024 will receive smaller increments.