Effective August 1, 2024, monthly pension payments for government pensioners will increase to $725. And according to a release from the Office of the Prime Minister this decision has inspired the National Insurance Corporation to increase its monthly payments to $500 for its pensioners. Over a hundred pensioners will benefit directly from these increases.
However, the work is not yet done, as stated by the correspondence from the prime minister’s office. The release further stated that government is committed to ensuring monthly pension payments are reviewed periodically and increased in line with salary adjustments in the public service.
On June 18, 2024, the prime minister moved a motion in Parliament to amend the Pensions Act, guaranteeing an increase in monthly pension payments for government pensioners to $725.
“The Pierre-led Administration values the contributions of our retirees and pensioners to the development of our country. They deserve to live out their retirement years with the assurance that their pensions will provide them with a dignified quality of life,” the statement read in part.
Many pensioners currently collect less than $500 monthly, which is insufficient to cope with the effects of inflation on everyday consumer goods.
The release further stated thus, “This government’s Putting People First policy ensures ordinary Saint Lucians always have a fighting chance. Prime Minister Pierre, with the support of his Cabinet, is committed to achieving this goal.
Before July 2021, government pensioners earned as little as $314 monthly, while the National Insurance Corporation (NIC) paid out less than $500 monthly to nearly 2,400 pensioners.”
In his 2024/25 Budget Address, the Prime Minister announced that his Administration would set a new minimum pay-out for pensioners.