JIS News

Government pensioners, including their spouses and dependents are scheduled to receive an increase in payouts come next month.
A sum of $300 million has been earmarked to pay these increases retroactive from July 2006, Finance and Planning Minister, Dr. Omar Davies announced in the House of Representatives on Tuesday (Nov. 28).
“Increases will range from $500 (more) per month for pensioners receiving $75,000 per month and over, and the increases will go to (an additional) $1,500 per month for pensioners receiving less than $20,000 per month. This will utilize $250 million. As was done last year there will be a special adjustment for those pensioners who retired prior to January 1, 1995 and are receiving under $50,000 per month. This will utilize the remaining $50 million,” he outlined.
The payment structure will see 18,251 of the more than 21,000 government pensioners receiving increases. The other 3,000 pensioners will be paid by other sources. Dr. Davies explained that “in July 1991 regular increases were instituted following a Cabinet decision in an effort to minimize the impact of inflation on pensioners. As a consequence pensioners have been granted annual increases since July 1, 1991 on the first day of July each successive year”.
Increases were last granted in July 2005. The new payment model for increases was crafted after consultation with the Jamaica Government Pensioners Association and consulting actuaries Coke and Associates Ecla Partners.