Contributions Already Paid

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 are 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 and will be worth $18.24 by 1212 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 Jan 7, 2008 Earnings Class Prior to Aug 11, 1980 Earnings Class from Aug 11 1980 - May 2, 1999 Earnings Class from May 3, 1999 - January 4, 2010 (Joint Weekly) Contribution Value After Jan 7, 2008 (Joint Weekly) Contribution Value After 04 January 2010 (Joint Weekly) Contribution Value After 02 January 2012
Class I Classes I-VI Classes I-VI Class I 16.80 17.28 18.24
Class II Classes II Classes V Class II 24.68 25.38 26.79
Class III Classes III Classes VI Class III 33.08 34.02 35.91
Class IV   Classes VII Class IV 42.53 43.74 46.17
Class V   Classes 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

 

 

Impact of 10.8% of insurable earnings 04 January 2010

Impact of 11.4% of insurable earnings 02 January 2012

Impact of 10.5% of insurable earnings 07 January 2008

 

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National Insurance Board of Trinidad and Tobago (NIBTT)