Age Benefit is a payment made to an insured person who has attained the age of 60. Payment can be either in the form of a pension or a grant. A pension is a monthly payment whereas a grant is a lump sum payment.
To claim an Age Benefit complete an age benefit claim form before or upon attaining your 60th birthday and submit it to the National Insurance Scheme. The claim form must be accompanied by your birth and marriage certificates. If the name you worked with is not the same as that on your birth/marriage certificate, then an affidavit or any other supporting legal documents must accompany the claim.
Age Pension is paid to an insured person who has attained the age of 60 years and paid at least five hundred (500) contribution weeks to the NIS. This is equivalent to approximately 10 years contributions.
An Age Pension is paid at an annual rate of:
The pension is calculated at a weekly rate and is paid monthly throughout the lifetime of the pensioner.
Age Grant is paid to an insured person who has at least 50 (but less than 499) contribution weeks paid into the National Insurance Scheme and are over the age of 60. It is paid at 5 times the average weekly insurable earnings for every 50 contributions. This is a Lump Sum payment.
In the event that a person retires before attaining his or her 60th birthday he or she can make voluntary contributions. If however, he or she is Self-employed then contributions have to be paid in this regard.