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Employed persons in Trinidad and Tobago can look forward to improved benefits from January 7th 2008.
The National Insurance Board of Trinidad and Tobago (NIBTT) has recently completed its 7th Actuarial Review of the National Insurance System (NIS) aimed at improving the benefits paid to insured persons and their beneficiaries.
The Review that was conducted by the Government Actuary’s Department (GAD) of the International Labour Office also recommended related increases in contribution rates. These increases have two benefits. They help fund the improved benefits and they ensure the long-term survival of the National Insurance System through small increases in contribution over time and therefore reducing any undue pressure on future contributors to the fund.
The recommendations along with other improvements to simplify the NIS that were recommended by the NIBTT are expected to go to Parliament before the end of the year.
Some highlights of the new contribution and benefit improvements are listed below.
They are however not an interpretation of the law and are provided only to give guidance on the recent improvements that have been made.
Improvement to
Benefits Retirement
· Retirement Pensioners already receiving pensions will receive an immediate 100% in the value of pension they are receiving with the increase in the minimum Retirement Pension from $1,000.00 per month to $2,000.00 per month
· There is also a 100% increase in the minimum Retirement Grant from $200.00 to $2,000.00 Maternity Benefit · There is also a 100% increase in the minimum Maternity Grant to $2,500.00 · Payment of a Maternity Grant for each birth in the case of multiple births, · Payment of a Maternity Grant based on the father’s contributions where a mother does not qualify in her own right. Survivors Benefits · Increase in the minimum Child Allowance from $320.00 per month to $400.00 per month · Increase in the minimum Child Allowance from $320.00 per month to $400.00 per month · Increase in the minimum Orphan Allowance from $640.00 per month to $800.00 per month · Implementation of a minimum monthly Widows Pension and Widowers Pension at $400.00 · Implementation of a minimum monthly Dependent Parent Pension at $200.00 Employment Injury and Related Benefits · MRI (Magnetic Resonance Imaging) coverage of up to $2,000.00 per examination per body part · Maximum Medical Expenses Reimbursement increased from $18,000.00 to $22,500.00 for the reimbursement of medical expenses due to Employment Injury benefits. Funeral Grant · Increase in the Funeral Grant from $4,000 to $5,000 Improvements to All Benefits · Increase in all other benefit rates by approximately 25%.
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