Every 2 years, based on the 2010 Amendments to the National Insurance Regulations, there is an automatic increase to the insurable wage ceiling, pensions and specified grants. The most recent increase took effect on July 1, 2024, and is based on the change in the retail price index in the two previous calendar years.
This increase of 5% to pensions will be reflected in October 2024 pension payments, along with retroactive payments from July of this year.
