Pensioners Receive 3.8% Inflation Increase to Payments

Pensioners Receive 3.8% Inflation Increase to Payments

The Public Service Pensions Board (PSPB) is pleased to announce that in accordance with the Public Service Pensions Act (2023 Revision), the pension augmentation for 2024 has been calculated at 3.8% based on the Consumer Price Index (CPI) as determined by the Economics and Statistics Office.
 
This will mean that all Defined Benefit and Defined Contributions pensions in payment as of 31st December 2023 will be adjusted for inflation as of the first day of 2024. For eligible pensioners in receipt of a monthly pension, their June payment will reflect the 3.8% increase and the retroactive portion for January through May will also be reflected on their June pay slips as an adjustment.
 
“We are pleased to process this increase in monthly payments for our long serving pensioners who deserve to have comfortable income in retirement,” said Mrs. Jewel Evans Lindsey, Chief Executive Officer for the PSPB.
 
The only pensioners not eligible to receive an increase in payment are those receiving the government’s Ex-Gratia Uplift as this group will continue to receive their monthly payment of $1250.  This is a result of applying the 3.8% inflation adjustment increase to the monthly pension and then decreasing the amount of the Ex-Gratia Uplift to maintain the $1250 monthly payment.
 
Any pensioner who needs further information and/or clarification on the inflation increase should contact the PSPB’s Pension Administration and Member Services Department at 345-945-8175.