Cabinet approves new pension programme, increases existing subventions

3 years ago

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Jamaica’s pensioners will get an increase starting April 1, while the elderly 75 years and older are to benefit from a new social pension programme after Cabinet made the approvals.

Speaking at Wednesday’s post-Cabinet press conference at Jamaica House, Minister of Education, Youth and Information, Fayval Williams, said the new pension programme would be administered by the Ministry of Labour and Social Security.

The new pension programme will provide $3,400 per month to each beneficiary and the index benefit levels to half of the minimum pension under the National Insurance Scheme (NIS).

Those who can benefit from the programme will be individuals who are currently not receiving a pension or any other retirement income, old age or disability benefit.

“To qualify for this new pension programme, the individual should not be a resident in a government institutionalised care facility, should not be in receipt of social assistance through PATH, Poor Relief or the National Insurance Scheme,”

Williams said.

Meanwhile, in the April 1 increase in pension, individuals who receive up to $41,667 per month will get an additional $2,300 per month, with those who receive between $41,668 to $54,167 per month getting an additional $1,800.

Those who receive between $54,168 to $83,333 per month will now get an additional $1,450 per month the same as those who receive $83,334 and over per month.