NASSAU, BAHAMAS — The government has increased pension payments for some 7,186 retired public servants, totaling a $6.4 million adjustment to its supplementary budget, advised Minister of Economic Affairs Michael Halkitis yesterday.
During his contribution to debate in the Senate, Halkitis noted that the former administration’s 2021/2022 budget was reorganized and existing resources were reallocated across the new ministerial portfolios to align with the Davis administration’s priorities.
He advised that effective December 1, 742 retired public servants receiving less than $500 per month in monthly pension payments would receive an increase of $100.
Additionally, 2,012 people receiving more than $500 per month would receive $75 and the 4,432 people receiving a monthly pension of greater than $1,000 would receive a monthly adjustment of $50.
“We are prudently reorganizing and using the limited resources to get the job done efficiently,” Halkitis said.
“Embedded in this supplementary budget proposal is funding to enable these priorities to come to fruition and allow for the necessary socioeconomic development impacts to be implemented for the benefit of the country.
“This budget will enable our people to feel our priorities.”
We are prudently reorganizing and using the limited resources to get the job done efficiently.
– Minister of Economic Affairs Michael Halkitis
Along with an increase in payment for pensioners, the economic affairs minister also advised that increments for public servants that were previously frozen are being restored and provision is being made to clear arrears in back pay and gratuities owed.
As a result, the budget for the Ministry of Public Service is being increased in the supplementary budget by $19,620,583.
The government has also advised that it will extend the National Insurance unemployment program that was launched in March 2020 amidst the COVID-19 pandemic and will provide a $500 lump sum payment to each of the more than 17,000 beneficiaries in order to provide a cushion for the holiday season.
The allocation for social assistance benefits for the 2021/2022 fiscal year was $115,831,990 and has now been revised to $152,685,590.
Similarly, for pensions and gratuities, the allocation has been adjusted upwards from $150,850,598 to $170,471,181.
Loading ...
