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Business Reporter

THE National Social Security Authority (NSSA) has increased monthly pensions for its members by almost 200 percent with the lowest paid pensioner expected to earn $200 from $80.

The pensioners are expected to receive their reviewed earnings today, which will be backdated to last October, said NSSA in a statement. 

The pensions authority said the review was necessitated by the prevailing inflationary pressures, which have eroded the value of pensions.

“Following a mid-term actuarial evaluation that was necessitated by the need to review NSSA benefits in response to prevailing economic fundamentals, the Minister of Public Service, Labour and Social Welfare has, with effect from 1 October 2019, reviewed benefits payable under the authority’s two schemes,” said NSSA board chairman, Mr Cuthbert Chidoori.

“Minimum monthly retirement pension increased to $200 from $80. In addition all pensions have increased by 65 percent across all boards. 

“Minimum monthly workers’ pension (Accident Prevention and Workers’ Compensation Scheme) increased to $240 from $80. All monthly pensions for APWCS have been increased by 200 percent across the board.”

Mr Chidoori said the NSSA funeral grant for both schemes has been reviewed from $300 to $2 000. 

The NSSA board chair said the authority would continue monitoring the situation to make sure that pensioners were able to earn a living with their money.

“Going forward NSSA in consultation with all stakeholders and Government will continue to monitor economic developments and the general cost of living to assess the level of social impact to pensioners and align the level of benefits reviews, taking into account the long-term sustainability of the schemes,” he said.

In July this year, Government in consultation with the NSSA board awarded NSSA pensioners a once off discretionary bonus equivalent to a month’s pension to cushion them from the general increase in the cost of living. The decision, according to NSSA, was taken as a stop gap measure while waiting for the conclusion of the actuarial review.