Increases To NIB Contribution Rate, Retirement Age For Full NIS Pension

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The Honourable Davendranath Tancoo, M.P., Minister of Finance, announced a phased increase to the NIB contribution rate — an increase by 3%, effective from 5th January, 2026, followed by another 3% increase from 4th January, 2027, noting that this critical institution must be saved from bankruptcy. The increase serves to preserve the benefits for future generations.

The announcement was made in Parliament this afternoon (Monday 13th October, 2025) during his highly-anticipated National Budget 2026 presentation.

Meanwhile, beginning in January 2028, the age at which a person can receive a full NIS retirement pension will gradually increase over a 10-year period. The retirement age for a full NIS pension will move from sixty (60) to sixty-five (65) over the next decade. There will be no change, however, for anyone who retires at age sixty (60) before 1st January, 2028.

If you missed the National Budget 2026 presentation, you can watch it in its entirety here.

More on this as it becomes available. 

This is a developing story - refresh this page for updates.



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