$10B one-off injection to NIS for persons receiving benefits

President, Dr Mohamed Irfaan Ali has announced a $10 billion one-off injection into the National Insurance Scheme (NIS).

The money will go towards supporting persons who have been facing challenges receiving the benefits they are entitled to.

The president made the disclosure during a special sitting of Parliament at the Arthur Chung Conference Centre on Thursday.

Earlier this year, the government implemented an increase in the minimum pension payable to pensioners under the NIS from a monthly income of $35,000 to $43,000.

“However, in our interaction with communities across the country, especially the elderly, we thought it necessary that we must and should do more,” he said.

While the details of the financial support to NIS will be fully outlined in next year’s budget, the president said:

“This would allow contributors who would not have met the requirement to benefit from a cash injection that will support a better quality of living for them and allow them the opportunity of benefitting from their contribution.”

Earlier this year, the government announced that individuals aged 60 and over who have not met the minimum requirement of 750 contributions will be offered the opportunity to receive a one-off cash settlement.

This applies to those whose last contribution was made between 700 and 749 contributions. This initiative will benefit over 3,800 individuals.