How do I set NIS for retired employees?
In Trinidad and Tobago, retired employees (65 for voluntary retirement or 65 for mandatory retirement) are placed in Class Z of the NIS Schedule.
- For employees who have retired at age 60, the employer alone pays contributions. The contribution amounts are based on the retired employee's earnings and the relevant NIS Schedule.
- For employees who have retired at age 65, the employer alone pays $1.00 per week.
- NO CONTRIBUTIONS ARE TAKEN OUT FROM THE RETIRED EMPLOYEES' SALARIES
In HRplus, enter a cycle change to place these retired employees in Class Z so that the correct employer contributions will be processed and displayed on the relevant reports.
The payroll will place the employee in Class Z of the NIS Schedule.
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