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.
Dorsett Cromwell
Director, National Insurance Board
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It’s frustrating that everyone seems Support and promote the north America tax system but conveniently promote the part of taxing the citizens to death. At no time I hear anyone promote tax credits…
Tell me how can a poor single mother pay same price for food to feed her family and at the end of tax year gets no credit. The same goes for extracurricular activities that the poor single mother must pay for children.
All I am hearing is pay tax and you must pay more tax….the tax system should be fair…in way that it encourages citizens to keep working. Not just take and take.
It’s government duty to create an environment which promotes economic activities to generate revenues instead of relying on poor people to carry the burden.
SandCra
It is a good idea to bolster a solid pension framework for Grenadians in retirement. However, I think every business should be registered (however small) including street vendors, and all limited companies should make their annual records available to the public, especially foreign own enterprises who’s profits rarely remain in Grenada.
Have ever walk in the shoes of a vendor…the fact that target the low lying fruits speaks volumes of shallow view. The vendors are vulnerable and carries burden. These folks are survivors and work hard without asking for handouts…