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Social Security Benefits |
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Information for: |
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Private & Local Government Employees Employer | Employee | Self-Employed |
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Registration and Benefit Claim Forms |
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SS1A
Early retirement pension: A reduced pension is payable from age 55. The pension is reduced by 4% for each year under age 60
Old-age gratuity: A lump sum equal to 12 months’ pension is payable to each person who is entitled to an Old -age pension.
Old-age
Gratuity
Retirement grant: If the insured person is of pensionable age but has insufficient contributions to qualify for a pension, a grant equal to 1.5 times the insured’s average monthly earnings for each 12 month period of contribution is paid.
Benefit adjustment: Pensions are adjusted annually according to trust fund income.
Permanent Invalidity Benefits
Invalidity pension: The pension is calculated on the basis of the number of months of contribution or credit and the difference between year of invalidity and age 60. 50% of the difference between year of invalidity and age 60 is added to the actual number of months contributed as pension.
The minimum invalidity pension is not less than 50% of the minimum wage.
Invalidity grant: If the insured person is not entitled to a pension, a grant equal to 1.5 times the insured’s average monthly earnings for each 12-month period is paid.
Benefit adjustment: Pensions are adjusted annually according to trust fund income.
Survivor Benefits
Survivors’ pension: 40% of the insured person’s pension is payable to a widow (er). In the case of more than one widow, the pension is shared equally. The widow’s pension ceases on remarriage.
60% of the insured’s pension is payable to a dependent child up to age 18 (age 23 if in full-time education; no time limit if disabled)
Other eligible survivors (in the absence of the above)
A lump sum equal to 12 months’ pension is payable to a parent who is employed or is receiving pension; 24 months’ pension to a parent who is not employed or receiving pension.
The maximum survivor pension is 100% of the insured’s pension.
Survivors’ grant: If the qualifying conditions for a survivors’ pension are not met, a grant equal to 1.5 times the insured’s average monthly earnings for each 12-month period of contributions is paid.
Benefit adjustment: Pensions are adjusted annually according to trust fund income.
Benefits
The main function of the Trust is to efficiently deliver prompt and accurate benefits payments to our members, in an accordance with the NASSIT Act.
The type of benefits provided by the Trust are: Old age pension, Early retirement pension, Retirement grant, Invalidity pension, Invalidity grant, Survivor's pension, Survivors' grant.
Qualifying Conditions
Old-age pension:
Age 60, with at least 15 years of insurance coverage.
A pensioner receiving his pension
Old-age
Pension
Invalidity pension:
Total incapacity for any work and younger than age 60 with at least 5 years of contributions of which 12 months' contributions were paid in the 3 years preceding the onset of disability. The disability must be assessed by the medical board.
Survivors' pension:
The insured person must have contributed for a minimum of 5 years of which 12 months contributions were paid in the 3 years preceding death, or the person must be receiving an old-age or disability pension before death
Survivor's
Pension
Calculation of Benefits
Old Age Benefits
Old-age pension: The pension is calculated on the basis of 30% of the insured’s average earnings for the first 15 years of coverage, plus 2% of the insured’s average earnings for each additional 12-month period.
Periods of employment before the introduction of the Scheme may be credited.
The minimum pension is not less than 50% of the minimum wage. The maximum pension is 80% of the insured’s average earnings.
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What Benefits Does NASSIT Provides? |
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¯ Old Age ¯ Invalidity ¯ Death & Survivors |
