Benefits Guide

 

Impact on Contributions Value

Impact on Rate Increase

Improved Benefits

Improved Coverage

New Rates of Benefits
   
 

 

 

Impact on the Value of Contributions Already Paid

 

 If you are wondering what is the impact on the contributions you have already paid, then, to put it simply, the cash value of all of those contributions are adjusted to the present day value.

For example, contributions paid in Class VIII in 1972 were worth $7.35 then.  Based on the current Actuarial Review those contribution now relate to the new earnings Class I which is valued at $16.80 in January 2008 and will be worth $18.24 by 1212 when the final contribution rate adjustment will take place.

A broad look at how the Earnings Classes have been converted can be seen  below

After 07 January 2008

Earnings Class Prior to 11 August 1980

Earnings Class from 11 August 1980 to 02 May 1999

Earnings Class from 03 May 1999 to after 04 January 2010

(Joint Weekly) Contribution Value After 07 January 2008

(Joint Weekly) Contribution Value After  04 January 2010

(Joint Weekly) Contribution Value After 02January 2012

Class I

Classes I – VI

Classes I - VI

Class I

16.80

17.28

18.24

Class II

Class VII

Class V

Class II

24.68

25.38

26.79

Class III

Class VIII

Class VI

Class III

33.08

34.02

35.91

Class IV

 

Class VII

Class IV

42.53

43.74

46.17

Class V

 

Class VIII

Class V

52.50

54.00

57.00

Class VI

 

 

Class VI

63.53

65.34

68.97

Class VII

 

 

Class VII

75.08

77.22

81.51

Class VIII

 

 

Class VIII

86.63

89.10

94.05

Class IX

 

 

Class IX

99.23

102.06

107.73

Class X

 

 

Class X

112.35

115.56

121.98

Class XI

 

 

Class XI

125.48

129.06

136.23

Class XII

 

 

Class XII

139.65

143.64

151.62

Class XIII

 

 

 

154.88

159.30

168.15

Class XIV

 

 

 

171.68

176.58

186.39

Class XV

 

 

 

190.84

196.29

207.20

Class XVI

 

 

 

201.08

206.82

218.31

 

Impact of 10.5% of insurable earnings  
07 January 2008

 

Earnings Class

Average Weekly Earnings

Weekly

Weekly Increase

NIS Contributions

 

 

 

9.9%

10.5%

Total

Employee

Employer

I

    160.00

     12.87

     16.80

       3.93

       1.31

       2.62

II

    235.00

     18.81

     24.68

       5.87

       1.96

       3.91

III

    315.00

     25.26

     33.08

       7.82

       2.61

       5.21

IV

    405.00

     32.19

     42.53

     10.34

       3.45

       6.89

V

    500.00

     39.60

     52.50

     12.90

       4.30

       8.60

VI

    605.00

     48.03

     63.53

     15.50

       5.17

     10.33

VII

    715.00

     56.94

     75.08

     18.14

       6.05

     12.09

VIII

    825.00

     65.85

     86.63

     20.78

       6.93

     13.85

IX

    945.00

     75.24

     99.23

     23.99

       8.00

     15.99

X

 1,070.00

     85.14

    112.35

     27.21

       9.07

     18.14

XI

 1,195.00

     95.04

    125.48

     30.44

     10.15

     20.29

XII

 1,330.00

     99.99

    139.65

     39.66

     13.22

     26.44

XIII

 1,475.00

     99.99

    154.88

     54.89

     18.30

     36.59

XIV

 1,635.00

     99.99

    171.68

     71.69

     23.90

     47.79

XV

 1,817.50

     99.99

    190.84

     90.85

     30.28

     60.57

XVI

 1,915.00

     99.99

    201.08

    101.09

     33.70

     67.39

 


 Impact of 10.8% of insurable earnings
04 January 2010 

Earnings Class

Average Weekly Earnings

Weekly

Weekly Increase

NIS Contributions

 

 

 

10.5%

10.8%

Total

Employee

Employer

 

 

 

 

 

 

 

I

160.00

     16.80

     17.28

       0.48

       0.16

       0.32

II

    235.00

     24.68

     25.38

       0.70

       0.23

       0.47

III

    315.00

     33.08

     34.02

       0.94

       0.31

       0.63

IV

    405.00

     42.53

     43.74

       1.21

       0.40

       0.81

V

    500.00

     52.50

     54.00

       1.50

       0.50

       1.00

VI

    605.00

     63.53

     65.34

       1.81

       0.60

       1.21

VII

    715.00

     75.08

     77.22

       2.14

       0.71

       1.43

VIII

    825.00

     86.63

     89.10

       2.47

       0.82

       1.65

IX

    945.00

     99.23

    102.06

       2.83

       0.94

       1.89

X

 1,070.00

    112.35

    115.56

       3.21

       1.07

       2.14

XI

 1,195.00

    125.48

    129.06

       3.58

       1.19

       2.39

XII

 1,330.00

    139.65

    143.64

       3.99

       1.33

       2.66

XIII

 1,475.00

    154.88

    159.30

       4.42

       1.47

       2.95

XIV

 1,635.00

    171.68

    176.58

       4.90

       1.63

       3.27

XV

 1,817.50

    190.84

    196.29

       5.45

       1.82

       3.63

XVI

 1,915.00

    201.08

    206.82

       5.74

       1.91

       3.83

 

 

 

Impact of 11.4% of insurable earnings
 02 January 2012

Earnings Class

Average Weekly Earnings

Weekly

Weekly Increase

NIS Contributions

 

 

 

10.8%

11.4%

Total

Employee

Employer

I

    160.00

     17.28

     18.24

       0.96

       0.32

       0.64

II

    235.00

     25.38

     26.79

       1.41

       0.47

       0.94

III

    315.00

     34.02

     35.91

       1.89

       0.63

       1.26

IV

    405.00

     43.74

     46.17

       2.43

       0.81

       1.62

V

    500.00

     54.00

     57.00

       3.00

       1.00

       2.00

VI

    605.00

     65.34

     68.97

       3.63

       1.21

       2.42

VII

    715.00

     77.22

     81.51

       4.29

       1.43

       2.86

VIII

    825.00

     89.10

     94.05

       4.95

       1.65

       3.30

IX

    945.00

    102.06

    107.73

       5.67

       1.89

       3.78

X

 1,070.00

    115.56

    121.98

       6.42

       2.14

       4.28

XI

 1,195.00

    129.06

    136.23

       7.17

       2.39

       4.78

XII

 1,330.00

    143.64

    151.62

       7.98

       2.66

       5.32

XIII

 1,475.00

    159.30

    168.15

       8.85

       2.95

       5.90

XIV

 1,635.00

    176.58

    186.39

       9.81

       3.27

       6.54

XV

 1,817.50

    196.29

    207.20

     10.91

       3.64

       7.27

XVI

 1,915.00

    206.82

    218.31

     11.49

       3.83

       7.66

 

 

 

Please take a moment to read our disclaimer.

Send mail to info@nibtt.net with questions or comments about this web site.
 Copyright © 2009 National Insurance Board.