Some $600 million has been included in the 2019/20 Budget to increase pensions for retired Government employees.
Opening the 2019/20 Budget Debate in the House of Representatives on Thursday (March 7), Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, said this is in addition to the $600 million increase applied in 2018/19 and approved by Cabinet just a few weeks ago.
He said the majority of this increase is allocated to persons who receive the smallest pensions.
Earlier this year, National Insurance Scheme (NIS) pensions were also increased and the minimum wage was adjusted upwards.
Currently, there are over 120,000 NIS pensioners who benefited from a 14 per cent increase in their pensions.
“We also have over 350,000 persons enrolled and the Ministry of Labour and Social Security is employing strategies to expand coverage,” Dr. Clarke said.