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 (60) sixty years). Payment can be either in the form of a pension or a grant.
Complete the Age Benefit claim form using the NIS Portal before or upon attaining the pensionable age (presently, your 60th birthday) and submit it to the National Insurance Scheme.
This claim form must be accompanied by:
- Birth Certificate
- Marriage Certificate
- Affidavit (where necessary)
This benefit is a monthly payment made to an insured person who has:
- attained the pensionable age (presently age sixty) and has at least five hundred (500) contribution weeks. This is equivalent to approximately 10 years’ contributions.
Age Pension is paid at an annual rate of:
- 30% 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
This benefit is a lump sum payment made to an insured person who has:
- at least 50 contribution weeks but less than 500 weekly contributions
- Has reached the pensionable age (presently, age 60).
Age Grant is paid at 5 times the average weekly insurable earnings for every 50 contributions.