The Government’s approach to providing support and economic stimulus is not limited to the most vulnerable, but also includes the many hard working public servants who have retired and those still working to build this nation.
Having evaluated the current pension scale, the Government has committed to implement a cost of living increase to current pension rates effective December 1, 2021. Pensioners receiving less than $500 will receive an additional $100 monthly. Likewise, those getting between $500 and $1,000 can expect an increase of $75. Lastly, those in receipt of $1,000 or more every month, will get an additional $50. The total cost of the new pension schedule is estimated to be $6.4 million annually and projected to assist over 7,000 persons.
Increments which are paid to rank and file public servants are scheduled to be reinstated July 2021. The adjustments in earnings for public officers will not exceed $700 per annum. Payments are scheduled to begin January 2022. This reinstatement is estimated to cost $8 million this fiscal year, and will be funded by increased revenues collected over the budgeted projections during the first quarter of the fiscal year.