Public outcry over $500 old age pension increase

Dec 03, 2017 News

State officials are defending the $500 increase in old age pension, amidst public debates. Finance Minister, Winston Jordan announced on Monday that old age pension has been increased from $19,000 in 2017, to $19,500 for 2018. He said that Government has continuously committed to efforts to improve the life of senior citizens.
Jordan said that among other invention, Government has allocated $50 million for building repairs and additional funds to purchase a wheelchair accessible bus for the Palms, one of 20 care facilities in the country.
In 2018, the Finance Minister said that the Government will commence the development of the country’s first ever Strategic Plan for Elderly Care, which will tangibly articulate related interventions to be undertaken in the medium term towards improving the quality of life for the elderly.
He argued that the “increase cannot compensate for the water subsidies that were taken away from the pensioners and the VAT on electricity and water that was added. Statistics has revealed the increase per annum on old age pension.”
In 2015, the pensioners received a 30 percent increase taking the pension from $13,125 to $17,000; in 2016 the figure rose from $17,000— $18,200; in 2017 $18,200—$19,000 a 4.9 percent and in 2018 from $19,000 —$19.500.
Additionally, it was noted the list of old age pensioners continues to increase each year; in 2015 beneficiaries for old age pension fund stood at 47,032 persons and the following year, the list increased to 49,777; the figure represents a growth of almost 3000 pensioners.
By next year, the list of beneficiaries is projected to be at 53,000 pensioners.
However, despite the arguments by State officials, there continues to be public outcry over the increase, particularly from beneficiaries who believe that the sum is a form of disrespect to the nation’s elderly.
Some pensioners still believe that the government has not done enough for the elderly. Concerned citizens have noted that the 2.5 percent increase in old pension is not even a drop in the bucket. They have compared the increase to measures taken by the government to increase Ministers already hefty salary.
Additionally, the pension increase has been compared to the fuel exemptions arising from Investment Development Agreements (IDA) for Government Ministries.
A recent report presented data which revealed taxes exempted for 2014 and 2015 for key Government agencies. Included in these figures are exemptions for Ministries and Government Departments of $4B and $19B respectively. The Prime Minister’s residence alone is projected to consume some $5 million worth in fuel annually.
Government agencies like the Ministry of Public Infrastructure and Ministry of Public Health have a significantly higher fuel bill. In some case, the Ministry of Health consumes fuel at the cost of over $20M per annum.

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Public outcry over $500 old age pension increase

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