Old Age Pension
These benefits are paid to persons who have
reached the age of sixty (60). If they have made
five hundred (500) weekly contributions (10
years +) a full pension is paid. If they made
less than five hundred (500) a Reduced Age
Pension can be paid. An Age Grant is paid if
they have made less than the required amount for
a Reduced Age Pension but at least fifty (50).
Persons with less than fifty (50) weekly
contributions will receive a refund of
contributions.
Reduced Age Pension
This benefit is paid to persons who have reached
the age of sixty (60) but who do not have the
required five hundred (500) weekly contributions
to qualify for the full Age Pension. This
benefit will remain in place until the year 2008
when persons will receive a pension only if they
have the stipulated five hundred (500) weekly
contributions. Below is a listing showing the
contribution requirements for the Reduced Age
Benefit.
|
AGE ON
APPOINTED DAY |
YEAR
OF BIRTH |
60th
BIRTHDAY |
NO. OF
WEEKS REQ. |
|
46 |
1937 |
1997 |
260 |
|
45 |
1938 |
1998 |
280 |
|
44 |
1939 |
1999 |
300 |
|
43 |
1940 |
2000 |
320 |
|
42 |
1941 |
2001 |
340 |
|
41 |
1942 |
2002 |
360 |
|
40 |
1943 |
2003 |
380 |
|
39 |
1944 |
2004 |
400 |
|
38 |
1945 |
2005 |
420 |
|
37 |
1946 |
2006 |
440 |
|
36 |
1947 |
2007 |
460 |
|
35 |
1948 |
2008 |
480 |
Rate of
Pension
Recipients of the Age Pension will receive
thirty percent (30%) of insurable earnings. An
extra percent will be added on for every set of
fifty (50) contributions above five hundred
(500). The maximum percentage payable is sixty
percent (60%).
E.g.:
500 weekly contributions (10 years)
30% pension
550 weekly contributions (11 years)
31% pension
600 weekly contributions (12 years)
32% pension
Here is the listing showing the rate of
pension for the contribution amounts
|
CREDITED OR PAID WEEKS |
PERCENT OF INSURABLE EARNINGS |
|
150 |
16 |
|
175 |
17 |
|
200 |
18 |
|
225 |
19 |
|
250 |
20 |
|
275 |
21 |
|
300 |
22 |
|
325 |
23 |
|
350 |
24 |
|
375 |
25 |
|
400 |
26 |
|
425 |
27 |
|
450 |
28 |
|
475 |
29 |
|
500 |
30 |
|