NON-CONTRIBUTORY PENSIONS are set to be increased by $40 a month says Minister of Finance Chris Sinckler.
During his Financial Statement and Budgetary Proposals speech this evening, Sinckler said this would be to the benefit of 6 000 people.
“Over the past five years or so, due to the very challenging economic and financial circumstances several of our elderly folk who receive old age pensions have had to bear the burden of higher food and utility prices even as they grapple with other serious challenges associated with ageing,” Sinckler said.
“And ever mindful of the fact that it has been a while since Government has accorded these individuals a positive adjustment in their pensions to assist them in better coping with these challenges we have determined that now is an appropriate time to do so,” he added.
The increase will go into effect on October 1 and is likely to cost the Treasury an additional $3.2 million a year. (AD)
