Old-age pension, public assistance increases payable in March

Old-age pensioners and public assistance recipients will benefit from all budgetary increases starting March 2024.  

This follows the passage of the historic $1.146 trillion 2024 National Budget.

Senior citizen receiving their old-age pension booklet

Ministry of Human Services and Social Security made the announcement via its social media platforms last Thursday.

Some 76,000 senior citizens are set to receive an increased pension of $36,000, along with an additional $3,000 for January and February respectively.

Several additional measures are being implemented to improve the well-being of the nation’s senior citizens.

These include the increase in NIS pension from $35,000 to $43,075 payable monthly, resulting in a $2.6 billion transfer in disposable income benefiting over $27,000 persons.

The NIS survivor benefit payable to 12,000 persons is now $21,537, an increase from $17,500 amounting to some $800 million in disposable income.

The Invalidity Pension will also be increased from $35,000 to $43,045, an additional $24 million in disposable income in the hands of over 200 persons.

Furthermore, persons over the age of 60, who have not met the minimal requirements of 750 contributions are now being provided the opportunity to receive a one-off cash settlement.

Senior citizen with their old-age pension booklet

The one-off payment depends on the year in which their last contribution was made and it must range from 700 to 749 to benefit. This intervention will benefit over 3,800 persons at a sum of $550 million.

Meanwhile, public assistance has also been made easier for the country’s vulnerable citizens as all registered persons living with disabilities will automatically benefit from public assistance. This will be payable until they are eligible for an old-age pension.

Public assistance beneficiaries will receive $19,000, with an additional retroactive payment of $3,000 for January and February.