Advertisement

Gov't to begin paying new pension rates in June

By Warren Bertram   
 
The Ministry of Labour and Social Security says it will begin paying out new Old Age or Retirement Pension benefits under the National Insurance Scheme (NIS) in June.
 
Prime Minister Andrew Holness had earlier indicated that the new rates would take effect April 1, but a release from the Labour and Social Security Ministry Wednesday indicated the increases would be reflected next month.
 
The Labour Ministry says payment of the new rates will be delivered on a phased basis.
 
Pensioners who receive their payment by direct deposits will be paid the new rates mid-June.
 
Payment of retroactive sums will be made at the end of June.
 
Pensioners who are paid by Pension Order Books will receive the new rates when their new Pension Order Books are due, starting in July.
 
Pensioners who are due new books in July 2023 will see the new rates reflected and the first Pension Order Voucher in the new book will reflect the arrears.
 
The government says pensioners whose new Pension Order Books are due in August will be paid the new rate, with the arrears reflecting on the first Pension Order Voucher in the new books.


comments powered by Disqus
More Stories
Most Popular
Adidas offers JAAA 8 year $6 billion contract
CariCRIS moves outlook for JN Group from...