NATIONAL Social Security Authority (NSAA), has increased pension payouts by between 17,5 and 22,4 percent across the board with effect from this month.
The upward review is in line with the roadmap of periodic reviews the Government has announced.
NSSA indicated in a statement that pensioners under the Pension and Other Benefits Scheme (POBS), had their pay-outs reviewed by 22,4 percent, subject to a minimum of $37 928 per month.
Those under the Accident Prevention and Workers Compensation Scheme (APWCS), have been awarded a 17, 5 percent increment, subject to a minimum of $44 560 per month.
“NSSA reviews pension levels regularly to preserve the value of payouts, given exchange rate volatility and inflation. The pensions were increased by 22,4 percent and 17,5 percent across the board in November 2022, for POSB and APWCS respectively.
“Minimum retirement/worker’s pension increased from $16 000 and $21 600 in July 2022, to $37 928 and $44 560 in November 2022, for POSB and APWCS respectively,” it said.
“The authority commits to continuous review of pension levels and to cushion the beneficiaries against economic hardships.
“The pension reviews are guided by actuarial assessments to ensure the sustainability of the schemes. This is in line with international best practices.”
Apart from periodic reviews of benefits pay-outs, last year NSSA rolled out various non-monetary benefits.
These include, among others, discounted groceries at selected Spar outlets, a revolving fund for income generating projects disbursed through National Building Society (NBS) and People’s Own Savings Bank, medical assistance through the NSSA mobile clinic, as well as the establishment of pensioner and staff clinics in its six regions.
Negotiations with financial institutions for the waiver of bank charges for NSSA pensioners are also at an advanced stage.
In addition, the Authority is working towards setting up a Boer goat out grower scheme, where it will provide seed, technical assistance, as well as markets for pensioners who participate in the programme.