(A) Retirement Pension (Four-weekly Cash Benefit)
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PENSIONERS: In 2002 existing pensions were increased by at least 20%. Minimum pensions have increased from $1,820 to $2,444 yearly. All new pensions are more substantial and realistic.
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How to qualify for Retirement Pension
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YOU MUST
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OTHER REQUIREMENTS
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TIME REQUIREMENT
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• Be an insured contributor between 60 and 64 years and not be substantially employed
• Have 150 paid contributions
• Have a total of 500 paid and credited contributions
OR
• Be an insured contributor 65 years or older (whether employed or not)
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• Submit completed claim for Retirement Benefit on prescribed form (RB1) signed and dated by the insured contributor
• Present Social Security card, passport or birth certificate when making claim
• Provide summary of employment history on prescribed form (ED1) since 1981
• Must provide bank account or an account number from any other financial institution.
• Claimant 60-64 years must submit written declaration stating that he/she is not employed. Should claimant 60-64 return to work he/she needs to inform Social Security and declare salary and method of pay (hourly, daily, weekly, monthly)
Please click here to download the required forms:
RB1 & ED1 |
• If 65 years old, submit claim within 13 weeks after 65th birthday
If 60-64 years, submit claim 13 weeks after date employment ceased
If claim is not submitted within the required 13 weeks a good reason must be given by the insured contributor
No sum shall be paid for any period more than 26 weeks before the date on which the claim is made
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How much and for how long is the Retirement Pension?
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Rate of Benefit Payment
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Period of Benefit Payment
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• Formula: Sum of Insurable Earnings in best 3 years of contributions ÷ 150 x 30% = weekly pension
• The pension obtainable accumulates as follows:
First 10 years at 3% per year = 30%
Next 5 years at 2% per year = 10%
Next 20 years at 1% per year = 20%
• Maximum pension payable = 60% of average weekly insurable earnings.
* A person can get a maximum pension after 35 years of contributions to the Scheme.
• Minimum Pension is $47 weekly
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• As of 65th birthday
• If claimant is 60-64 years, for any period not employed during that time
•Continues from 65th birthday, for the remaining lifetime of the insured contributor
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(B) RETIREMENT GRANT (One Lump Sum payment)
(Please note that it is your right to ask our officers, if, and by how much, your Retirement Benefit would increase if you opt for compulsory retirement at 65 years of age.)
| How to qualify for Retirement Grant? |
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YOU MUST
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OTHER REQUIREMENTS
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TIME REQUIREMENT
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• Be an insured contributor, between 60 and 64 and not be substantially employed
OR
• Be an insured contributor 65 years (whether employed or not)
• Retirement Grant is paid if pension is not payable; and if the insured contributor has a minimum of 26 paid contributions
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• Submit completed claim for Retirement Benefit on prescribed form (RB1) signed and dated by the insured contributor
• Present Social Security card, passport or birth certificate (with picture ID) when making claim
• Provide summary of employment history on prescribed form (ED1) since 1981
• Please click here to download the required forms:
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• If 65 years old, submit claim within 13 weeks after 65th birthday
• If 60-64 years, submit claim 13 weeks after date employment ceased
• If claim is not submitted within the required 13 weeks a good reason must be given by the insured contributor
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How much is the Retirement Grant?
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Rate of Benefit Payment
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Period of Benefit Payment
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• Formula: 6 x sum of insurable earnings in best 3 years of contributions ÷ 150 x units of 50 contributions
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• 2.5 x sum of weekly insurable earnings ÷ no. of contributions x units of 50 contributions
• Social Security pays the higher amount calculated with the above formulas
• Minimum Grant is $800
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• One-time payment
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