74 Per Cent Increase in Minimum Weekly Pension
By: , March 20, 2023
Photo: Donald De la Haye
Prime Minister, the Most Hon. Andrew Holness, makes his contribution to the 2023/24 Budget Debate in the House of Representatives on Thursday (March 16).The Full Story
Effective April 1, 2023, the flat rate for the minimum weekly pension will increase by 74 per cent, moving from $1,700 to $3,000.
Prime Minister, the Most Hon. Andrew Holness, made the disclosure in his contribution to the 2023/24 Budget Debate in the House of Representatives on Thursday (March 16), where he announced improved benefits under the National Insurance Scheme (NIS).
“Pensioners are among the groups that have been ravaged by the recent high inflation. I am, therefore, pleased to announce that based on the performance of the National Insurance Fund (NIF) and the recommendation of the actuaries, the Old Age, Widow, Widower, and Invalidity Pensions, and all other benefits payable… will be increased,” he said.
Prime Minister Holness said that pensioners who currently receive $2,550 per week will now get $3,500, representing an increase of 37 per cent.
In addition, those at the top will move from $3,000 to $4,200 per week, which is an increase of 24 per cent.
The Prime Minister said that other benefits under the NIS will be raised effective April 1, 2023.
These will be announced by the Ministry of Labour and Social Security, Hon. Karl Samuda.