Pensions to increase

OLD Age non-contributory pensioners in Barbados will be getting an increase in pensions.

 

Minister of Finance and Economic Affairs, Christopher Sinckler, revealed yesterday that come October this year, the pensions will be increased by $10 a week or $40 a month. He said that based on the current figures this is likely to cost the Treasury an additional $3.2 million a year.

 

He also said that over the last two years there has not been an annual incremental increase in contributory pensions to keep pension payments in line with inflation.

 

“I am suitably advised that the National Insurance Scheme will shortly provide details on a resumption of the normal increases for contributory pensions to keep pensions more in line with inflation,” Sinckler added. (JB)