NIS 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 requirements

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

While many are eligible for this benefit, some conditions must be met to qualify.

Disqualifications

Individuals will be not 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

Minimum Pension: Survivors Benefit and Age Pension

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

Survivor 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

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 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.

The table showcases the fixed reduction rates that will apply for each year

Claim Year	Age at Award
Claim Year	Age at Award 60	undefined 61	undefined 62	undefined 63	undefined 64	undefined 65
Claim Year 2024	Age at Award -5%	undefined -	undefined -	undefined -	undefined -	undefined -
Claim Year 2025	Age at Award -10%	undefined -5%	undefined -	undefined -	undefined -	undefined -
Claim Year 2026	Age at Award -15%	undefined -10%	undefined -5%	undefined -	undefined -	undefined -
Claim Year 2027	Age at Award -20%	undefined -15%	undefined -10%	undefined -5%	undefined -	undefined -
Claim Year 2028	Age at Award -25%	undefined -20%	undefined -15%	undefined -10%	undefined -5%	undefined -
Claim Year 2029	Age at Award -30%	undefined -24%	undefined -18%	undefined -12%	undefined -6%	undefined -

Adjustment to Contribution Rate

To continue offering social security benefits, it was necessary to increase the contribution rate.

The contribution rate will increase gradually each year until it reaches 16% in 2031. As always, the contribution will be split between the employee and the employer.

Year of Increase	Employer Increase %	Employee Increase %	New Contribution Rate
Year of Increase 2023	Employer Increase % 0.5	Employee Increase % 0.5	New Contribution Rate 12.0
Year of Increase 2024	Employer Increase % 0.25	Employee Increase % 0.25	New Contribution Rate 12.5
Year of Increase 2025	Employer Increase % 0.25	Employee Increase % 0.25	New Contribution Rate 13.0
Year of Increase 2026	Employer Increase % 0.25	Employee Increase % 0.25	New Contribution Rate 13.5
Year of Increase 2027	Employer Increase % 0.25	Employee Increase % 0.25	New Contribution Rate 14.00
Year of Increase 2028	Employer Increase % 0.25	Employee Increase % 0.25	New Contribution Rate 14.5
Year of Increase 2029	Employer Increase % 0.25	Employee Increase % 0.25	New Contribution Rate 15.0
Year of Increase 2030	Employer Increase % 0.25	Employee Increase % 0.25	New Contribution Rate 15.5
Year of Increase 2031	Employer Increase % 0.25	Employee Increase % 0.25	New Contribution Rate 16.0

NIS INFORMATION HOTLINE

If you have questions about the recent adjustments to our social security benefits, give us a call! Our team is ready to provide you with the information you need to understand and navigate these changes.

We have made some changes to our operations to provide you with additional social security benefits and extend the longevity of the Fund.

Unemployment Benefit

Who is covered under this benefit?

Private sector employees

Statutory bodies employees

Public sector employees

Work permit holders

Self-employed persons

Eligibility requirements

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

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