In accordance with section 22 of the National Insurance Law, provisions are made for the National Insurance Fund to be reviewed by an Actuary every three years.
The 11th Actuarial Review made several recommendations. The following recommendations were accepted by Cabinet and the National Insurance Board:
Effective 1 January 2020 the NIS contribution rate will increase by 2%, from 9% to 11%, shared equally between the employer and the employee as follows:
- Employee: Old Rate (4%) New Rate (5%)
- Employer: Old Rate (5%) New Rate (6%)
The recommendation to gradually increase the pensionable age from 60 to 65 over an extended period has also been approved. However, the exact time period has not yet been confirmed.
The NIB will provide the public with additional information with regards to the gradual increase in the pensionable age as soon as a final decision is made.
Director, National Insurance Board