👵 Public service retirees to receive a 3.8% pension increase

Retired public sector workers, including members of parliament, who are part of the government pension scheme will see a 3.8% increase in their pensions for 2024. This adjustment, announced by the Public Service Pension Board (PSPB), is based on the current inflation rate and is in line with the requirements of the Public Service Pensions Act (2023 Revision). The increase, which is calculated using the Consumer Price Index from the Economics and Statistics Office, will be applied from the start of the year and reflected in the June payment for eligible pensioners. 📈

However, not all pensioners will benefit from this increase. Those receiving the government’s Ex-Gratia Uplift will continue to receive their monthly payment of $1,250, as the 3.8% inflation adjustment is applied to the monthly pension and then the Ex-Gratia Uplift amount is reduced to maintain the $1,250 monthly payment. The PSPB highlighted the ongoing challenges for pensioners, particularly those without their own homes, as rents and food prices continue to rise, making budgeting difficult. 🏠

Pensioners seeking further information or clarification regarding the inflation increase can contact the PSPB’s Pension Administration and Member Services Department. 📞