Improved Benefits for Workers

Employed persons in Trinidad and Tobago can now enjoy improved benefits, which came into effect from January 7th 2008.

The National Insurance Board of Trinidad and Tobago (NIBTT) 7th Actuarial Review of the National Insurance System (NIS) aimed at improving the benefits paid to insured persons and their beneficiaries.

The Review that was conducted by the Government Actuary’s Department (GAD) of the International Labour Office also recommended related increases in contribution rates. These increases have two benefits. They help fund the improved benefits and they ensure the long-term survival of the National Insurance System through small increases in contribution over time and therefore reducing any undue pressure on future contributors to the fund.

Some highlights of the new contribution and benefit improvements are listed below.

They are however not an interpretation of the law and are provided only to give guidance on the improvements that have been made.

Improvement to Benefits Effective from 7th January 2008

Retirement

Retirement Pensioners already receiving pensions will receive an immediate 100% in the value of pension they are receiving with the increase in the minimum Retirement Pension from $1,000.00 per month to $2,000.00 per month.
There is also a 1000% increase in the minimum Retirement Grant from $200.00 to $2,000.00

Maternity Benefit

Payment of a Maternity Grant for each birth in the case of multiple births
Payment of a Maternity Grant based on the father’s contributions where a mother does not qualify in her own right.

Survivors Benefits

Increase in the minimum Child Allowance from $320.00 per month to $400.00 per month
Increase in the minimum Orphan Allowance from $640.00 per month to $800.00 per month
Implementation of a minimum monthly Widows Pension and Widowers Pension at $400.00
Implementation of a minimum monthly Dependent Parent Pension at $200.00

Employment Injury and Related Benefits

MRI (Magnetic Resonance Imaging) coverage of up to $2,000.00 per examination per body part.

Maximum Medical Expenses Reimbursement increased from $18,000.00 to $22,500.00 for the reimbursement of medical expenses due to Employment Injury benefits.