The Supplementary Estimates of Revenue and Expenditure for the period August 1 to December 31, 2019, laid in the Senate on Thursday, provides two million dollars to be used for advance payment pending pension resolution.
In moving the motion first presented in the House of Representatives last Friday, Prime Minister and Minister for Finance, Dr. the Right Honourable Keith Mitchell, said, “Understanding the hardship public officers who have already left the system are facing, personally and otherwise, as a responsible Government, we are taking steps to alleviate those pains.”
Therefore, the supplementary budget provides two million dollars as an advance payment towards any pension resolution to retirees who joined the Public Service in an established post after February 22, 1985, would have served for a minimum of 26 and 2/3 years and attained the retirement age of sixty years.”
Dr. Mitchell further explained that “This would not be a one-off payment but rather a monthly commitment that would supplement the NIS pension received by persons who meet the criteria mentioned before. In other words, it’s a top-up of NIS pension every month.”
The voluntary move by Government is intended to ensure that retirees receive at least 70% of their last salary, when combined with their NIS pension payment.
Reiterating Government’s commitment to pension restoration and reform, the Prime Minister said, “While this Government is not perfect and we can improve in many areas, we have repeatedly demonstrated that we are a Government that puts people first.”
Following the approval of the Supplementary Appropriation Bill, 2019, the Ministry of Finance would now undertake various administrative procedures that would facilitate the pension payments.