NIS records $52.2 billion in contributions

The National Insurance Scheme (NIS) continues to deliver strong results for Jamaican workers, with contributions for the 2024–2025 financial year reaching $52.2 billion, a nine per cent increase over the previous year.

The announcement was made by Minister of Labour and Social Security, Pearnel Charles Jr, during his address at the NIS 59th Anniversary Church Service, held June 1, at the Yallahs Baptist Church in St Thomas.

Minister Charles also reported that the net asset value of the National Insurance Fund (NIF) rose from $194 billion to $227 billion, representing a 17 per cent year-over-year increase. He noted that this positive performance has enabled the ministry to implement another round of benefit increases, which will take effect in August 2025.

“Rising contributions and sound investment practices have strengthened our ability to support pensioners and other beneficiaries,” said Charles. “This level of growth allows us to expand both the scope and generosity of the scheme.”

The minister also announced plans for a new Unemployment Insurance Benefit, which will offer financial support to workers who lose their jobs unexpectedly.

This benefit he says will, support workers as they search for new employment. He said that work is currently under way to establish the necessary legal and administrative frameworks for its rollout.

The NIS continues to provide vital support to a wide cross-section of Jamaicans, offering benefits such as retirement, health insurance, maternity, employment injury, and survivor’s pensions, all without the need for additional insurance premiums.