Discover and read the best of Twitter Threads about #whypensionplansareimportant
Most recents (1)
The NIS Benefit for persons who have retired is currently $3,400 a week or $13,600 per month. Most persons who are currently contributing to NIS would not be able to sustain their current lifestyle with that benefit because it is lower than minimum wage.
A Thread on Pension 1/
A Thread on Pension 1/
The National Insurance Scheme (NIS) is another deduction that will come out of your salary to assist with giving you an income when you can no longer work.
The current NIS deduction rate is 2.5% for employee & 2.5% for employer up to a maximum of $1.5 Million
2/
The current NIS deduction rate is 2.5% for employee & 2.5% for employer up to a maximum of $1.5 Million
2/
So if you take a check of your current income, how would it compare to $13,400 a month? That clearly will not be enough for you to live on when you retire, and many Jamaicans fail to plan for this important part of their life. Many employers therefore offer pension plans..
3/
3/
