The NIBTT has proposed a schedule that gives improved coverage to insured persons and their beneficiaries.
The proposed increases in the number of contribution classes and the values of incomes protected by the NIS are of great value to the employed person. Such improvements keep benefits paid in step with the realistic value of earnings in the country and ensure that the benefits received are more realistic. The new sixteen-class structure now provides workers with coverage of up to a maximum of $8,300. or 89.62% more of their income being covered.
Some of the key improvements in contribution income were:
- Increase in the earnings ceiling from $4,377.00 per month to
- $8,300.00 per month
- Increase in the number of earnings classes from 12 to 16
- Increase in the lower and upper limits of earnings in each class
Increase in the contribution rate in three steps as follows:
- 10.5% of insurable earnings as of 07 January 2008
- 10.8% of insurable earnings as of 04 January 2010, and
- 11.4% of insurable earnings as of 02 January 2012.