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NIS increase for August 2

Published: Thursday July 1, 2010 | 8:46 am with audio | Comments 0

The Government of Jamaica has announced that the increase in contributions to the National Insurance Scheme (NIS) will now take effect on August 2.

The rate increase was originally scheduled for May 31.

However the labour minister said the date had to be pushed back to allow employers more time to adjust their payroll systems.

According to the minister with responsibility for information, Daryl Vaz, the new implementation date was settled after consultations and legislative changes.

The NIS provides a pension for Jamaicans after their retirement.
Working Jamaicans are required to pay 2.5 per cent of salaries in NIS contributions on the cap rate.

Their employers match the contribution with another 2.5 per cent.

Listen to Audio clip
Minister with responsibility for Information, Daryl Vaz
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