The Ministry of Labour and Social Security has announced an increase in the old age or retirement pension benefits provided by the National Insurance Scheme (NIS), effective from April 1, 2023. The increments range from 23 to 76 percent.
The full-rate pensions have been raised by 23 percent, resulting in a weekly amount of $4,200, up from $3,400.
For three-quarter-rate pensions, there has been a 37 percent increase, with the weekly amount now standing at $3,500, compared to the previous $2,550.
Pensioners receiving half-rate pensions will experience a significant increase of 76 percent, with their weekly amount raised to $3,000 from the previous $1,700.
The implementation of the new rates will occur in phases, commencing in June 2023. Pensioners who receive direct deposits will receive their payments at mid-June, including any arrears owed. The remaining arrears will be paid by the end of June.
Pensioners who receive payments through Pension Order Books will receive the new rates when they are issued new books, starting from July. This means that pensioners who are due new books in July 2023 will see the new rates reflected. The first Pension Order Voucher in the new book will include the arrears.
Similarly, pensioners scheduled to receive new Pension Order Books in August will be paid according to the new rates, and the first Pension Order Voucher in their new books will indicate the arrears.