Annual Pension Augmentation - 2023
We are pleased to announce that in accordance with the Act, the pension augmentation for 2023 is calculated at 8.3% based on the Consumer Price Index (CPI) as determined by the Economics and Statistics Office. In accordance with Section 22 of the Public Service Pensions Act (2021 Revision), all DB and DC pensions in payment as of 31st December 2022 will be adjusted for inflation as of the first day of the 2023. For eligible pensioners in receipt of a monthly pension your May payment should reflect the 8.3% increase and the retroactive portion for January – April, which should also be reflected in your May pay slip as an adjustment.
