THE Finance Ministry has approved the new rate of $7,500 per month for old age pensioners which will take effect from February 7 at all post offices nationwide.
While the new book will be stamped with the new amount, pensioners and caregivers are urged to ensure that the total amount of $7,500 is received. The new amount in old age pension indicates a 14 percent increase, moving from $6600 to $7500 per month. Public Assistance beneficiaries will see an increase from $4,900 to $5,500.
This increased provision is a reflection of government’s commitment to further improve the lives of beneficiaries of public assistance and old age pensions, which was boosted in this year’s national budget, while significant amounts were allocated to the Human Services Ministry to continue delivery of its services to the public.
Government will also support the elderly financially through waiver of water tariffs.
In 2009, the sum of $3.3B was budgeted for old age pensions, benefitting over 40,000 senior citizens with a monthly allowance of $4400; this amount was increased in 2010 to $6600, with an allocation of $3.5B and benefitting 4,000 more.
This trend by the administration to constantly review the welfare of its senior citizens will continue this year, with additional financial support and health care services to about 44,000 people.(GINA)