Pensioners who receive benefits from the National Insurance Corporation (NIC) will begin receiving increases in August 2022.
The National Insurance Corporation announced a 4.2% increase in pension payments effective July 1st. Due to the fact that pension payments for July have already been prepared, this change will be reflected in the August 2022 payment.
NIC periodically reviews and adjusts pensions to reflect the increase in the Consumer Price Index (CPI) over the review period. The last increase awarded by the NIC took effect 1st July 2015.
The National Insurance Corporation Director, Matthew Mathurin, stated, “although the next pension review by the NIC is not due until 2024, the unprecedented twin events of the global pandemic and the Ukraine-Russia war have prompted the Corporation to undertake an interim review of pensions.”
For the financial year July 2021 to June 2022, the NIC paid out a total of $100,758,301.18 in pensions.
Consistent with our vision to provide social security protection, the NIC will continue to monitor the situation with the view to protecting pensioners by stemming the erosive effect of inflation on the purchasing power of its pensions.