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The National Insurance Corporation has announced an increase in certain benefits.

It comes as a result of an Actuarial Review of the National Insurance Corporation which is conducted every five years.  

The objective of the review is to foster the good governance of the National Insurance Corporation by securing the long-term financial sustainability of the NIC and considering appropriate reform measures based on the findings and recommendations of the report.

As announced by the Prime Minister, in his 2015/2016 Budget Address, the National Insurance Corporation has informed that the changes will take effect as of July 1st 2015

They include an overall increase in all pensions by 3%: This increase will be applied to all new and existing pensioners.

Increase in the Funeral Grant from $ 1,750 to $ 2,500: This increase is applicable to all claims made after June 30, 2015. There will also be a prorated increase in the Funeral Grant payable to dependents.

In addition people will be able to receive pensions on and after the age of 65, even if still in employment.

Pensioners last received an increase of 4% in 2010.
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