KINGSTON, Jamaica — The Ministry of Labour and Social Security is reporting a nine per cent increase in contributions to the National Insurance Scheme (NIS) for the 2024–2025 financial year, reaching $52.2 billion.

The announcement was made by Minister of Labour and Social Security, Pearnel Charles Jr, during his address at the NIS 59th Anniversary Church Service, held on Sunday, June 1 at the Yallahs Baptist Church in St Thomas.

Charles Jr also reported that the net asset value of the National Insurance Fund (NIF) rose from $194 billion to $227 billion, representing a 17 per cent year-over-year increase. He noted that this positive performance has enabled the ministry to implement another round of benefit increases, which will take effect in August 2025.

“Rising contributions and sound investment practices have strengthened our ability to support pensioners and other beneficiaries,” said Charles Jr. “This level of growth allows us to expand both the scope and generosity of the scheme.”

The minister also announced plans for a new Unemployment Insurance Benefit, which will offer financial support to workers who lose their jobs unexpectedly.

This benefit, he said, will support workers as they search for new employment. Work is also currently underway to establish the necessary legal and administrative frameworks for its rollout.