NIS

[Dizzy28]

show us the facts then,
I apologize for calling a political party name in it which is prob what irking ppl here
but again show us the facts

one thing for sure is that if it was coming out of another source
how come they never say the figure in the national budget ?
yet they will say how much they pay for other stuff like cepep etc
surely it will be much larger than cepep to boot

Old age pension are in the SISP. When Im in work I'll send you the facts
But pugboy supposed to know the accuser supposed to bring facts ah.... I'm this case you.

2017 Budget Allocation
Min of Social Dev has the 3rd highest allocation - Pensions come out of that

Capture1.JPG (67.47 KiB) Viewed 2265 times

2015 Actual Expenditure and 2016 Etimated Allocation
Current Transfer and Subsidies - almost 4billion again (its not all food cards and poor relief grants)

Social Sector Investment Programme 2017 (Funds here come from the Central Government Fund)

Time for you to put up or shut up now ..........Where exactly did you hear that NI funds were being used to pay pensions to ppl who didn't contribute to NIS??

[Strugglerzinc]

Any company registering with the NIB must be incorporated under the companies act. They require the certificate of incorporation to process the registration for the company to get a number.

An individual not supposed to pay for themselves as a private citizen. You see, contributions are basically a way to tax both the employee& the employer together. Also, there's a provision for employers that exempts them from having to make NIS contributions for themselves. The provision is there, but to a degree is optional​. Some employers do actually put themselves as employees of the company and pay NIS contributions. Tho not fully legal, it's not illegal either.
My advice to anyone wanting to make NIS contributions for themselves, register your business, and list yourself as an employee. Don't matter if you're the only employee.


Now the disclaimer
If you register the company, it will be required to submit tax returns annually, and pay corp tax business levy, gf levy & PAYE & h/s for it's employees. As well as submit annual TD4 returns, which the bir does cross reference with the NIB occasionally.
Imho, just to secure a retirement benefit, it ain't worth the effort.

Thank you !!!

I am registered but as a partnership. I have the same opinion that it's too much trouble but it may be an issue if I hire people down the line.

[RedVEVO]

^^^

Good work Dizzy man

Hire people and put them as a " contractor " or separate entity.
NIS suppose to invest funds and you get it back - IT IS YOUR MONEY !

So then again - Where the tax tax tax going ?

Again rich can pay - the have the money .
I have no envy .

The Gov't takes tax and where is it going that you have to ask for more tax, tax ?

It is the middle class and poor turning sufferers.

In other words, we have a" working poor class" in Trinidad and Gov't supporting
this sheit with tax, tax, tax.

OP is correct - check NIS and see that it is correct .

[pugboy]

Nice, glad to be wrong

I think it is fair to assume most nis paying persons think it is unfair that non paying persons get same benefits

[Dizzy28]

Nice, glad to be wrong

I think it is fair to assume most nis paying persons think it is unfair that non paying persons get same benefits

NIS persons also get the old age pension one they gave no other source of income. Combined you allowed 5000. Non NIS ppl not getting that.

[toyolink]

Having worked for approximately 40 years a journey which included providing for family, savings bit by bit, borrowing from time to time and religiously attending to my employers expectations for attendance and performance.....it kinda sad to be referred to as if I have now become a beggar who don't deserve pension benefits.
Every pay day for all those years, I saw paye , nis and health surcharge come out first and I felt it was my responsibility no questions asked.
To hear the young ones now talk about us, knowing a lot of sacrifices were made to have them where they are today.
Look even the big house I built for all my children to live good on land which was bush I now have to pay a property tax which looking like it might be at least 1-2 months nis pension and medication gone up.
.......This might just be the reflections of a retiree.

[Skillys]

Having worked for approximately 40 years a journey which included providing for family, savings bit by bit, borrowing from time to time and religiously attending to my employers expectations for attendance and performance.....it kinda sad to be referred to as if I have now become a beggar who don't deserve pension benefits.
Every pay day for all those years, I saw paye , nis and health surcharge come out first and I felt it was my responsibility no questions asked.
To hear the young ones now talk about us, knowing a lot of sacrifices were made to have them where they are today.
Look even the big house I built for all my children to live good on land which was bush I now have to pay a property tax which looking like it might be at least 1-2 months nis pension and medication gone up.
.......This might just be the reflections of a retiree.

Great post. Things are not getting any easier for younger people to provide for their family.

[pugboy]

it's not only here though, many of the developed countries are seeing future problems
with their national pension funds investment returns being able to sustain the living retirees

the investments nib makes with the money aint much different that what is available to the average man
to invest in, stock market, bonds, mutual funds etc(which invest in stocks) and so on
current global economic times are very tight for these kinds of investments

at the end of the day any young person should simply strive to get an education/skill which puts them ahead of the average person's income curve and in a position to make their own investments if possible and have financial leeway later on in life.

it is likely pretty hard for the average joe to own a nice property now

[sMASH]

Having worked for approximately 40 years a journey which included providing for family, savings bit by bit, borrowing from time to time and religiously attending to my employers expectations for attendance and performance.....it kinda sad to be referred to as if I have now become a beggar who don't deserve pension benefits.
Every pay day for all those years, I saw paye , nis and health surcharge come out first and I felt it was my responsibility no questions asked.
To hear the young ones now talk about us, knowing a lot of sacrifices were made to have them where they are today.
Look even the big house I built for all my children to live good on land which was bush I now have to pay a property tax which looking like it might be at least 1-2 months nis pension and medication gone up.
.......This might just be the reflections of a retiree.

Great post. Things are not getting any easier for younger people to provide for their family.

Not even close to retirement age, and these conditions are weighing on my life's choices... lol.


Although I only have 52 payments to make again, I still think its silly to depend on that pension to live.

The better thing is to have some sort of income generating set up, in the form of a business or investment scheme, and depend on that.

I ain't trust the government to make good decisions, and I don't trust them to give me my dues when they are due.
And I don't want that to be an issue at that time .

[RedVEVO]

Indarsingh said, “If you access your pension between 64 to 60, you will lose six per cent of your entitlement on an annual basis if you exercise the option of an early retirement.” He called on Imbert to say if he agreed with that report.

https://newsday.co.tt/2020/10/13/indars ... -of-spain/


Indarsingh accused Finance Minister Colm Imbert of “playing dead to catch corbeaux alive” by floating the idea of pushing the retirement age from 60 to 65, while not revealing he had allegedly seen the National Insurance Board’s tenth actuarial review which he said contained this recommendation.

[ProtonPowder]

Social security in the states works on a 6% annual reduction between 62 and 67
https://www.ssa.gov/oact/quickcalc/early_late.html

adjusting the retirement age over time is a normal part of pension planning
https://www.ssa.gov/oact/ProgData/nra.html

sorry erm-i mean
alyuh red and vote fuh dat

[SLVR1]

A major issues with NIS is if you die and have no spouse or children to get a grant, your money is absorbed into the system and there is no beneficiary of those funds. Many have died leaving funds sitting there. I wonder where those monies have gone? All someone will be able to get is the funeral grant.

[pugboy]

anybody know the details of getting both nis and old age pension together ?

[j.o.e]

A major issues with NIS is if you die and have no spouse or children to get a grant, your money is absorbed into the system and there is no beneficiary of those funds. Many have died leaving funds sitting there. I wonder where those monies have gone? All someone will be able to get is the funeral grant.

That’s how pools of funds work. It’s a living benefit not a death benefit. If it was paid out to everyone 100% of the time there would be even less in the pot. It’s not a catch, it’s the way it was designed and meant to be.
It’s like saying you paying car insurance and not getting into accidents so you losing money.

[zoom rader]

anybody know the details of getting both nis and old age pension together ?

There is no old age pension

It was re worded as old age grant. You have to show means that you have no income, you cant even own property to get this grant .

Mostly red Goverment supporters get this grant cause they wasted their lifes.


You get NIS if you have about 15 years of payment to NIS.

If you fall short of 15 years, you get a one time lump sum payment

You can get both NIS and old age grant, but it was I think capped at $3K

[one eye]

Fixed

anybody know the details of getting both nis and old age pension together ?

There is no old age pension

It was re worded as old age grant. You have to show means that you have no income, you cant even own property to get this grant .

Mostly PNM supporters get this grant cause they wasted their lifes.


You get NIS if you have about 15 years of payment to NIS.

If you fall short of 15 years, you get a one time lump sum payment

You can get both NIS and old age grant, but it was I think capped at $3K

[teems1]

A major issues with NIS is if you die and have no spouse or children to get a grant, your money is absorbed into the system and there is no beneficiary of those funds. Many have died leaving funds sitting there. I wonder where those monies have gone? All someone will be able to get is the funeral grant.

That's how it works though.

You had 60+ years to get a wife and child. What you want the government to do? Organize a vennie?

[eliteauto]

anybody know the details of getting both nis and old age pension together ?

Ignoring the lies posted above, there is still an old age pension aka senior citizens pension, to qualify for both your income would have to be less that $4500 otherwise so if your only other declarable income is your NIS pension then that has to be less than that figure and what you get is pro-rated based on your other income. The max available is $3500 the pro-rated table is as follows :


And the non-property ownership requirement is a blatant lie

[zoom rader]

anybody know the details of getting both nis and old age pension together ?

Ignoring the lies posted above, there is still an old age pension aka senior citizens pension, to qualify for both your income would have to be less that $4500 otherwise so if your only other declarable income is your NIS pension then that has to be less than that figure and what you get is pro-rated based on your other income. The max available is $3500 the pro-rated table is as follows :


And the non-property ownership requirement is a blatant lie

Further infor here ,

it was called a grant under Manning and you could not own property. It is still called a grant as it is classed under grants.


https://www.social.gov.tt/divisions/soc ... e-division

You don't automatically get a " pension " you have to be "granted it:

As far I as recall , folks had gotten this and one of the requirements was that they could not own property.