$260k-$650k one-off grants for pensioners who did not meet 750 NIS contributions

President Dr Irfaan Ali has announced that pensioners who did not meet the 750 contributions to the National Insurance Scheme (NIS) to qualify for pension will now receive one-off grants ranging from $260,000 to $650,000.

This measure is made possible by the $10 billion which the government had set aside for a one-off payment injected in NIS to address challenges faced by persons who fell marginally short of their contributions to receive a pension.

President Ali said this measure will be applicable to persons who attained the age of 60 as of December 31, 2024.

He said for persons who made NIS contributions between 500 and 549, they will receive $260,000. For persons who made 550-599 contributions, they will get $390,000 while persons who made 600-699 contributions will benefit from $520,000.

Persons who made 700-749 contributions, will receive $650,000.