2023 Adjustments
We have made some changes to our operations to provide you with additional social security benefits and extend the longevity of the Fund.
The National Insurance Scheme has proudly supported your social security needs for 40 years. Times are changing, and global prices are increasing. Therefore, we have had to make some fundamental changes to the NIS so we can continue to be your social security provider for generations to come.
Unemployment Benefit
The NIS Unemployment Benefit provides any recently unemployed individual with 50% of his/her insurable income. Payments will be made bi-weekly in arrears. The benefit can be claimed 15 days after the loss of employment. Payments will continue for 13 weeks or three months, if the claimant remains unemployed.
Who is covered under this benefit?
- Private sector employees
- Statutory bodies employees
- Public sector employees
- Work permit holders
- Self-employed persons
Eligibility Requirement
- The individual must have paid at least fifty-two (52) weeks of contributions
- The individual was employed in insurable employment and is under the pensionable age
- If the maximum duration is exhausted the individual is not eligible for this benefit again until 52 weeks have passed
- The individual must be ready, willing and capable of working. The individual should not be working elsewhere. The individual must be actively seeking employment and has not refused suitable employment while collecting this benefit
- The individual has completed any training as required
- The individual must be residing in Grenada at the time of applying for the benefit and while receiving payment(s)
- Employees must receive a Termination Certificate from their employer within one week of termination to collect this benefit
- The individual shall report to the NIS Office every two weeks to verify that he/she continues to satisfy the requirements of this benefit
Disqualifications
- Individuals will be not be entitled to the unemployment benefit for the following
- The individual voluntarily left the job or was terminated from employment as a result of theft, fraudulent offences, or dishonesty
- The individual is confined to jail
- The individual fails to avail him/herself of an opportunity for suitable employment or makes no reasonable effort to obtain suitable alternative employment with a just cause
- The individual fails to attend the training course(s) required under the programme
Changes to Pension and Survivors Benefit
Minimum pension payment
As global prices continue to rise, we understand the importance of providing our pensioners with financial security and stability. That’s why we’re excited to announce that the minimum pension amount has increases by 25%.
Effective January 1, 2024, pensioners can expect to receive a new weekly payment amount of $58.00, up from the previous amount of $46.40. This increase in payment amount will go a long way in ensuring that our pensioners can meet their financial needs with greater ease and peace of mind.
Previous weekly rate: $46.40
New weekly rate.: $58.00
Adjustments to Pensionable Age.
The pensionable age will increase from 60 to 65 years over the period 2024 to 2029. Pensioners will continue to be eligible for a pension from age of 60.
Where an individual retires before the normal retirement age in the given year and continues to work while receiving 60% or less of the insurable wage ceiling at that time, he/she will continue to receive his/her NIS retirement pension.
Claim Year | Age at Award | |||||
Claim Year | Age at Award 60 | 61 | 62 | 63 | 64 | 65 |
Claim Year 2024 | Age at Award -5% | - | - | - | - | - |
Claim Year 2025 | Age at Award -10% | -5% | - | - | - | - |
Claim Year 2026 | Age at Award -15% | -10% | -5% | - | - | - |
Claim Year 2027 | Age at Award -20% | -15% | -10% | -5% | - | - |
Claim Year 2028 | Age at Award -25% | -20% | -15% | -10% | -5% | - |
Claim Year 2029 | Age at Award -30% | -24% | -18% | -12% | -6% | - |
Survior Benefit
We understand the importance of providing financial support to those who have lost a loved one. That’s why we’re excited to announce that we are changing the minimum pension rates for survivors to a percentage of the age pension minimum.
Under the new rates, widow(er) and parent survivors will receive 100% of the age pension minimum or $58.00. Children and orphan survivors will receive 50% of the age pension minimum or $29.00.
We believe that this change will provide greater financial security and stability to survivors during a difficult time.
Widow(er) and Parent – 100% or $58.00
Child & Orphan – 50% or $29.00
Adjustment to Contribution Rate
| Year of Increase | Employer Increase % | Employee Increase % | New Contribution Rate |
|---|---|---|---|
| 2023 | 0.5 | 0.5 | 12 |
| 2024 | 0.25 | 0.25 | 12.5 |
| 2025 | 0.25 | 0.25 | 13 |
| 2026 | 0.25 | 0.25 | 13.5 |
| 2027 | 0.25 | 0.25 | 14 |
| 2028 | 0.25 | 0.25 | 14.5 |
| 2029 | 0.25 | 0.25 | 15 |
| 2030 | 0.25 | 0.25 | 15.5 |
| 2031 | 0.25 | 0.25 | 16 |