Age Benefit
WHO QUALIFIES:
- any person who is insured and is at least sixty (60) years of age, and who
- has paid not less than one hundred and fifty weekly contributions
- has paid or been credited with not less than five hundred (500) weekly contributions.
AMOUNT OF BENEFIT
30% to 60% of the average wages of the three best contribution years or a minimum of $70.00 per week.
RATE OF PENSION
The annual rate of age pension shall be given sixteen per centum of the average annual insurable earnings of the insured person to which shall be added one per centum of his average annual insurable earnings for each complete twenty-five (25) weekly contributions paid by or credited to him in excess of the first one hundred and fifty weekly contributions and up to the first five hundred weeks, plus one half per centum of his average insurable earnings for each complete twenty-five weekly contributions paid or credited to him in excess of the first five hundred weeks.
AGE GRANT
WHO QUALIFIES:An insured person who is at least 60 years of age, and who
has paid not less than fifty weekly contributions.
AMOUNT OF BENEFIT
A lump sum of six (6) times the average weekly wages for each fifty (50) weekly contribution paid.
REDUCED AGE PENSION
WHO QUALIFIES:
Any person who is insured and is at the age of 37 years and over on the Appointed Day shall be eligible for age pension, when he/she
- has attained the age of sixty years
- has paid 150 contributions into the National Insurance Services
- has paid an additional 25 weekly contributions for every year during which he/she was under the age of 50 years on the Appointed Day as described in the schedule below.
|
AGE LAST BIRTHDAY ON 05-01-87
|
REQUIRED NUMBER OF WEEKS
|
PERCENTAGE (%) PENSION
|
|
50 and over
|
150
|
16
|
|
49
|
175
|
17
|
|
48
|
200
|
18
|
|
47
|
225
|
19
|
|
46
|
250
|
20
|
|
45
|
275
|
21
|
|
44
|
300
|
22
|
|
43
|
325
|
23
|
|
42
|
350
|
24
|
|
41
|
375
|
25
|
|
40
|
400
|
26
|
|
39
|
425
|
27
|
|
38
|
450
|
28
|
|
37
|
475
|
29
|
|
36 and under
|
500
|
30
|
REFUND OF CONTRIBUTION TO CERTAIN ELDERLY ENTRANTS
An insured person who is at least sixty (60) years and has paid:
26 to 49 contributions may be refunded that element of the contributions; which represents invalidity, age and survivors benefit.
less than 26 contributions may be refunded the contribution actually paid by him/her.
WHEN TO CLAIM
The claim should be submitted within three (3) months of the claimant's sixtieth (60) birthday.
