BY PRECIOUS CHIDA
THE National Social Security Authority (NSSA) has increased monthly retirement pensions with the least paid pensioner now getting $200 from $80.
The move comes as a response to the prevailing economic situation and the high cost of living.
“Following a mid-term actuarial evaluation that was necessitated by the need to review NSSA benefits in response to prevailing economic fundamentals, the Minister of Public Service, Labour and Social Welfare has, with effect from 1 October 2019, reviewed benefits payable under the Authority’s two schemes,” NSSA board chairman Cuthbert Chidoori said in a statement yesterday.
Earlier this year, the Labour ministry granted NSSA pensioners a once-off discretionary bonus equivalent to a month’s pension to cushion them from the general increase in the cost of living.
NSSA also reviewed accident prevention and workers compensation scheme monthly pension and increased their payments to $240 from $80 which is a 200% increment across the board.
The NSSA funeral grant for both schemes has been reviewed from $300 to $2 000.
