More NHT payments this week, 2024 payments topped $8 billion

 



Some 27,000 National Housing Trust (NHT) contributors, who applied for refund of contributions made in 2017, can expect to receive their payments by the middle of this week.

Assistant General Manager for Corporate Communications and Public Affairs at the NHT, Dwayne Berbick, told JIS News that the refund process has been running smoothly and anticipates completion of the current batch shortly.

As at mid-January, 3035the NHT had received just over 104,000 refund applications. The agency is led by Managing Director Martin Miller.

In 2024 the NHT told Caribbean Money Daily that it successfully refunded approximately 167,000 applications for contributions refund for the period January to July 2024. It was noted, “The refunded amount was almost $8 billion dollars. This is approximately 14,000 applications more when compared to the same period for 2023.

Contributions actually refunded fall significantly below the total refundable, perhaps because the refunds of mortgage holders are absorbed as NHT payments, employers contributions are nonrefundable and perhaps also because of the level of applications.

In 2023 total contributions refunded were $8.256 billion in and in 2022 $6.704 billion. in 2021 refunds were $6.457 billion, in 2020 $6.486 billion, in 2019 $ 6.175 billion , in 2018 $5.514 billion and in 2017 $ 5.268 billion.

Berbick told JIS on January 21, 2025, that the NHT’s contribution refund programme is a key benefit for contributors, with refunds becoming eligible after a seven-year holding period, as stipulated by the NHT Act.

“Contributions are not a tax but rather a savings instrument, and they allow the NHT to support its housing programmes, while also offering contributors an interest rate of two per cent per annum,” he noted.

Refunds can be collected via direct deposit to a bank account or remittance agency for both local and overseas contributors.

“Our customers abroad, especially those without active accounts in Jamaica, rely on remittance agencies to access their refunds. Contributors can make arrangements with their chosen agency if proximity is an issue,” he stated.

NHT contributors who have not yet submitted refund applications are also being reminded that there is no deadline for submission.

Applications can be submitted online via the NHT’s website, nht.gov.jm or the NHT mobile app, which is available on the Google Play and Apple Stores.

Information Source: JIS and Caribbean Money Daily.

Photo caption: As at mid-January 2025 the NHT had received just over 104,000 refund applications. The agency is led by Managing Director Martin Miller.

Caribbean Money Daily

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