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The National Insurance and Social Security Service will be implementing changes to insurable earnings and pensions from next month.
Effective January 1, 2024, the maximum insurable earnings will move from $5,120 to $5,200 for monthly paid workers and from $1,182 to $1,201 for people who are paid weekly. That is not all, from next month the Old-Age Contributory Pension will be increased by 4.5%.
The increase to pensions in payment is payable on or before December 31, of this year. The minimum old age pension will be increased to $254. The funeral and maternity grants will also be increased to $2,220 and $1, 280 respectively.
Chief Executive Officer of the Service, Kim Tudor, joined CBC NewsNight on Tuesday to bring some context to these changes.
