Benefit Rates

Earnings Classes

Impact on value of Contributions Already Paid

If you are wondering what is the impact on the contributions you have already paid, then, to put it simply, the cash value of all of those contributions is adjusted to the present day value.

For example, contributions paid in Class VIII in 1972 were worth $7.35 then. Based on the current Actuarial Review those contribution now relate to the new earnings Class I which is valued at $16.80 in January 2008, $17.28 in 2010 and will be worth $18.24 by 2012 when the final contribution rate adjustment will take place.

A broad look at how the Earnings Classes have been converted can be seen below:

After 07 January 2008	Earnings Class Prior to 11 August 1980	Earnings Class from 11 August 1980 to 02 May 1999	Earnings Class from 03 May 1999 to after 04 January 2010	(Joint Weekly) Contribution Value After 07 January 2008	(Joint Weekly) Contribution Value After 04 January 2010	(Joint Weekly) Contribution Value After 02January 2012
Class I	Classes I – VI	Classes I - VI	Class I	16.80	17.28	18.24
Class II	Class VII	Class V	Class II	24.68	25.38	26.79
Class III	Class VIII	Class VI	Class III	33.08	34.02	35.91
Class IV		Class VII	Class IV	42.53	43.74	46.17
Class V		Class VIII	Class V	52.50	54.00	57.00
Class VI			Class VI	63.53	65.34	68.97
Class VII			Class VII	75.08	77.22	81.51
Class VIII			Class VIII	86.63	89.10	94.05
Class IX			Class IX	99.23	102.06	107.73
Class X			Class X	112.35	115.56	121.98
Class XI			Class XI	125.48	129.06	136.23
Class XII			Class XII	139.65	143.64	151.62
Class XIII				154.88	159.30	168.15
Class XIV				171.68	176.58	186.39
Class XV				190.84	196.29	207.20
Class XVI				201.08	206.82	218.31