NIS Contribution rate to increase from June 1st

The National Insurance Services (NIS) says a number of changes will come into effect from this Saturday June 1^st, as part of its Pension Reform program.

That’s according to Chief Risk Officer at the National Insurance Services (NIS), Valina Henry, who was speaking on the Talk Yuh Talk program aired on NBC Radio, earlier this week.

Henry said one of those changes  already come into effect from March 1^st and from June 1^st there will be an increase in employee’s contribution rate.

Henry said from June 1^st, the contribution rate will be increased from ten to twelve percent and will be  further increased in January 2025.