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.
An Age Benefit is a payment made to an insured person who has attained the pensionable age (presently (61) sixty-one years). Payment can be either in the form of a pension or a grant.
Complete the Age Benefit Claim Form on the NIS Web Portal my.nisgrenada.org and submit it to the National Insurance Scheme.
This claim form must be accompanied by:
- Birth Certificate
- Marriage Certificate
- Affidavit (where necessary)
Age Grant / Pension
This benefit is a lump sum payment made to an insured person who has:
- at least 50 contribution weeks but less than 525 weekly contributions
- Has reached the normal pensionable age (presently, age 61).
Age Grant is paid at 5 times the average weekly insurable earnings for every 50 contributions.
This benefit is a monthly payment made to an insured person who has:
- attained the pensionable age (presently age sixty-one) and has at least five hundred and twenty-five (525) contribution weeks. This is equivalent to approximately 10.5 years’ contributions.
Age Pension is paid at an annual rate of:
- 29% of a person’s average annual salary (insurable earnings) during the best five (5) years of the entire period of the person’s working life
- It is supplemented by 1% of the average annual salary for each unit of 50 contributions in excess of the first 500 weekly contributions.
- The maximum amount which can be awarded as an Age Pension is 60% of a person’s average annual insurable earnings