Minimum retirement pension now $80 per month

Minimum retirement pension now $80 per month
Published: 05 December 2017
National Social Security Authority (NSSA) chairperson Robin Vela has said the minimum retirement pension monthly pay-out was increased from $60 to $80 from October 1, 2017, in line with the organisation's desire to deliver a liveable pension to our pensioners.

"The 33,3 percent increase was arrived at on the recommendation of the authority's independent actuaries who were tasked with coming up with a sustainable increment," he said.

Vela added that NSSA's performance has continued to improve with actual management accounts to end October showing, for the year end December 31, 2017, a projected double-digit percentile increase in all the key matrices of fund size - investment income, and profitability in excess of the $100 million achieved in the prior year.

"Taking all this into consideration, the board (using its discretion) has approved a bonus payment equivalent to a 13th cheque to all pensioners with their December 2017 pension," he said.

As part of strategies to make life easier for pensioners, NSSA successfully engaged banks for exemption of bank charges to pensioners, senior citizens who are 60 years and above.

Currently, all 14 banks that hold Nssa pensioner accounts are offering this service.
- dailynews
Tags: NSSA,

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