Letter To Employers
KINGSTOWN, St. Vincent. – To our valued employers, please note on June 1, we will implement the remaining pension reform measures; specific to you will be two very important measures.
Firstly, the NIS’ contribution rate will gradually increase from 10% to 15% by 2027. The first increase will be effective June 1, 2024, when the contribution will move from 10% to 12%. This 2% increase would be shared evenly between employer (1%) and employee (1%). Therefore, the employer contribution rate will move from 5.5% to 6.5%, and the employee contribution rate will move from 4.5% to 5.5%.
The timeline for increases and how the contributions will be split between employee and employer are provided below:
| Date of Increase | Total Contribution Rate | Employer Rate | Employee Rate |
| 1 June 2024 | 12% | 6.5% | 5.5% |
| 1 January 2025 | 13% | 7% | 6% |
| 1 January 2026 | 14% | 7.5% | 6.5% |
| 1 January 2027 | 15% | 8% | 7% |
Secondly, effective June 1, 2024, the NIS will increase the ceiling for insurable wages from $1,000 per week ($4,333 per month) to $1,200 per week ($5,200 per month). This increase will ensure that the NIS remains relevant to higher-income workers in SVG.
As valued employers, we know that you understand the importance of safeguarding the financial well-being of your employees. This is critical in these unprecedented changes, including health and economic challenges. Of parallel importance is also your obligation to ensure that contributions are submitted on time and for all employees.
Our dedicated team of officers stands ready to assist you should you require additional guidance or clarity on the new measures. Please call 1784-456-1514 or email nis@nissvg.org.