NIS Pensioners Getting More Money

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The Ministry of Labour and Social Security has disclosed that as of yesterday, Thursday, June 15, 2023, NIS pensioners began to see the new pension rates reflected in their bank accounts.

This is the first increase pensioners receive under the National Insurance Scheme (NIS) in five (5) years.

The Ministry had previously indicated that payment of the new rates, effective on April 1, 2023, would be delivered on a phased basis, starting mid-June 2023, with a payment of arrears at the end of June. Some pensioners have already seen the new amounts reflected in their accounts.

The Ministry is reminding pensioners paid by Pension Order Book that they will receive the new rates when their new Pension Order Books are due, beginning in July. The first Pension Order Voucher in the new book will reflect the arrears and the month’s payment at the new rate.

The pension rate increases are applicable to Retirement Pension benefits, the Invalidity and the Widows and Widowers Pensions, and range from 23% to 76%. The benefit for persons receiving full-rate pensions has increased by 23%, from $3,400 to $4,200 per week.

For persons receiving 3 quarter-rate pensions, the benefit has been increased by 37% and moves from $2,550 per week to $3,500 per week.

Pensioners receiving half-rate pensions will increase of 76%, moving from $1,700 per week to $3,000 per week. Pensioners whose new Pension Order Books are due in August to December will be paid the new rate, with the arrears reflected on the first Pension Order Voucher in the new books.

The ministry reiterates its commitment to continue ongoing work to upgrade its systems and become more efficient in delivering its services.

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