What is the Rate of Payment for Retirement Benefit ?
Retirement Benefit is paid as a percentage of an individual’s average weekly insurable wage. Each person’s benefit is unique; and the amount paid as Retirement Benefit depends largely on the following: 1. Whether the specific claimant is opting for early retirement (from age 60 years), or is claiming full Retirement Benefit at age 65 years or older; 2. Whether the claimant was a Government worker (Pensionable Civil Servant), or had worked in the private sector; 3. The claimant’s total number of paid and/or credited contributions – including ‘Special Age Credits’; and 4. The actual salary/wages on which the contributions were paid.
