Labour and Social Security Minister Pearnel Charles Jr.
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Pearnel Charles Jr.
By Racquel Porter
The Ministry of Labour and Social Security began payment of new pension rates on Thursday.
This is the first increase received by pensioners under the National insurance Scheme in five years.
The ministry had previously indicated that payment of the new rates, which became effective on April 1, 2023, would be delivered on a phased basis, starting mid-June 2023.
"Some of our pensioners saw the new amounts reflected in their accounts as early as five days ago, ahead of the projected time," said Labour and Social Security Minister Pearnel Charles Jr.
He said pensioners who are paid by pension order books will receive the new rates next month when their new books are due.
"The first pension order voucher in the new book will reflect the arrears as well as the month's payment at the new rate. The pension rate increases are applicable to retirement pension benefits, the invalidity and the widow's and widower's pension, and they range from 23 per cent to 76 per cent."
Mr. Charles explained that the benefit for persons in receipt of full rate pensions has increased by 23 per cent, moving from $3,400 to $4,200 per week.
For persons receiving the three-quarter rate, the benefit has increased by 37 per cent and moves from $2,550 per week to $3,500 per week. Persons receiving the half rate pensions will see a 76 per cent increase, moving from $1,700 per week to $3,000 per week.
The minister said pensioners whose new pension order books are due in the August to December period will be paid the new rate, with the arrears reflected on the first pension order voucher in the new books.
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