NIS Deductions to Increase April 2019

The government has announced an increase in the amount to be deducted from employees and employers for the National Insurance Scheme (NIS) as of April 1, 2019, with a further increase slated for April 1, 2020.

The announcement was made by Finance Minister, Dr. Nigel Clarke, in the House of Representatives yesterday.

This means the deduction will move from 5-per cent of employees’ salary to 6-percent in April 2020.

Dr. Clarke says the NIS currently runs the risk of being depleted by the year 2037.

He says in 2017 just under $15-billion was paid out from the scheme with only $13-billion generated by the fund.

Dr. Clarke says improvements in investment returns alone will be unable to sustain the NIS necessitating the increase.

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