Employers and Employees in St. Vincent and the Grenadines will be paying an increase in their contributions to the National Insurance Services, with effect from 1st January 2014.

Employers and Employees in St. Vincent and the Grenadines will be paying an increase in their contributions to the National Insurance Services, with effect from January 1st.

Investment and Research Analysis at the National Insurance Services Stewart Haynes tells NBC News that this initiative is being taken to improve the financial viability of the NIS Pension Plan.

Mr. Haynes says Self employed persons and voluntary contributors will also be required to pay an increase in their NIS Contributions.