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NIS pension increases approved, effective April 1, 2023

The Ministry of Labour and Social Security has advised that the old age or retirement pension benefits under the National Insurance Scheme (NIS) have been increased with effect from April 1, 2023. The increases range from 23 to 76 per cent.

Full-rate pensions have been increased by 23 per cent, moving from $3,400 to $4,200 per week.

Three-quarter-rate pensions have been increased by 37 per cent, from $2,550 to $3,500 per week.

Pensioners receiving half-rate pensions will see an increase of 76 per cent, moving from $1,700 to $3,000 per week.

Payment of the new rates are to be delivered on a phased basis, starting in June 2023.

Pensioners who receive their payments by direct deposits are to receive their payments of the new rates in mid-June. Payment of arrears are to be made at the end of June.

Pensioners who are paid by Pension Order Books are to receive the new rates when their new books are due, beginning in July. That is, pensioners who are due new books in July 2023 will see the new rates reflected. The first Pension Order Voucher in the new book is to reflect the arrears.

Similarly, pensioners whose new Pension Order Books are due in August, are to be paid the new rates, with the arrears reflecting on the first Pension Order Voucher in the new books.

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