The National Insurance and Social Security Service (NISSS) would like to advise employers, employees and self-employed persons of the following increases to its Insurable Earnings Ceiling and Benefits.
Insurable Earnings Ceiling
Effective 1st January 2024, the maximum insurable earnings for monthly paid workers will be $5,200 and $1,201 for weekly paid workers.
Benefits
Old Age Contributory Pension
Effective 1st January 2024, old age contributory pension will be increased by 4.5%. The increase will apply to pensions-in-payment or payable on or before 31st December 2023. Minimum old age contributory pension will be increased to $254 per week.
Grants
Effective 1st January 2024, the funeral and maternity grants will be increased to $2,220 and $1,280 respectively.
Contribution Rates
The contribution rates remain unchanged.
For further information, please visit our website at: https://www.nis.gov.bb/contribution-rates/. The NISSS thanks you for your cooperation.