2024 Adjustments to the Insurable Wage Ceiling, Pensions and Grants

Every 2 years, based on the 2010 Amendments to the National Insurance Regulations, there is an automatic increase which affects pensions, specified grants and the wage ceiling.

The next increase is effective July 1, 2024. It should be noted that the adjustments are not an increase in the Contribution rates, which is also scheduled to change this year, effective July 1 (visit nibrateincrease.com for information).

The National Insurance (NI) Contribution rates are a percentage of an insured person’s wages paid to the National Insurance Fund. The Insurable Wage adjustments ensure that workers can insure more of their income and that Benefits stay in line with inflation.

Biennial Adjustment to the Insurable Wage Ceiling

The adjustment (increase) in the insurable wage ceiling is based on the change in the retail price index and change in salaries paid over the two previous calendar years plus 2%. As of July 1, 2024, the weekly insurable wage increases from $740 to $810 per week and from $3,207 per month $3,510 per month.

Biennial Adjustment to Grants, Short-term and Long-term Benefits and Assistance

This adjustment is based on the change in the retail price index in the two previous calendar years prior to the adjustment year.