Changes to insurable earnings, pensions

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.

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