Press release from The Director of the Social Insurance Bank N.A.

The Director of the Social Insurance Bank N.A. would like to inform the general public of the new pension amounts, premium percentage and maximum wage limit. These new amounts and rates will be effective as of January 1st 2009.


Pension amount Nafl. 726,– p/m.

Allowance for spouse Nafl. 497,– p/m.

General Widows, Widowers and Orphans Pension (AWW).

For Widows and Widowers:

— to 39 years Nafl. 336,–p/m

40 to 48 years Nafl. 440,– p/m

49 to 57 years Nafl. 551,– p/m

58 to 59 years Nafl. 726,– p/m 

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Orphan’s pension..


0 to 9 years Nafl. 243,– p/m Nafl. 265,– p/m

10 to 14 years Nafl. 265,– p/m Nafl. 291,– p/m

15 to 24 years Nafl. 291,– p/m Nafl. 335,– p/m

Premium percentages. Premiums(in percentages of income).

AOV 13% Employer’s contribution 7.0%

Employee’s contribution 6.0%

AWW 1% Employer’s contribution 0.5%

Employee’s contribution 0.5%

OV 0.5 – 5% The premium depends on the risk

class your company is categorized in,

and must be paid by the employer.

ZV 12.5% Employer’s contribution 8.3%

Employee’s contribution 2.1%

Government’s Contribution 2.1%

Premium- income/wage AOV/AWW limit per year Nafl. 77.544,00

Maximum Wages ZV and OV:

Per day (6-day workweek) Nafl. 176,90

Per day (5 day workweek) Nafl. 212,28

Per week Nafl. 1.061,40

Per month Nafl. 4.599,40

Per year Nafl. 55.192,80

Cessantia payment: Nafl. 40,00 per employee per year, to be paid by the employer.

The Social Insurance Bank N.A.

The Director,

Mr. Ph. Martis

 The bank for Social Security.