Social Security Benefit Increases
The Social Security Board announces the following increases in Benefits effective from 1st July 2005, to be paid from September 2005.
1. Pension Increases: An increase of 3% on all pensions.
(a) The minimum Age and Invalidity pensions are increased from $250 to $300 per month.
(b) Minimum Widow/ers’ pension is increased from $125 to $150 per month.
(c) Children/Parents Survivors minimum pensions are increased from $60 to $72 per month.
(d) Non-contributory pensions are increased from $200 to $210 per month.
2. To address concerns about the equity of the payment of the higher pension to persons who qualify for age pension while in receipt of survivor pension, the decision was made to:
(i) pay the age pension to the qualifying spouse at age 62, and
(ii) pay half of the deceased spouse’s pension;
provided that in total, the minimum payment to the pensioner should be the higher of the two pensions. Therefore there may be cases where the widow/er may be allowed a greater portion of the spouse’s pension to ensure this. This particular change is applicable to the current pensions in payment, but no retroactive payment is to be made.
All concerned are advised that the pension increase for July and August will be paid in September along with September’s pension.
Following the conclusion of the Seventh Actuarial Review in 2004, the Board made appropriate recommendations to the Minister responsible for Social Security concerning the above-mentioned increases. The Minister, Hon. Terrence Sam Condor, indicated his approval, paving the way for the implementation.
The Board wishes to advise the general public that increases in pensions are implemented from time to time in recognition of inflation. This is to assist pensioners to continue to maintain their level of spending power in retirement.