5.5% pension increase for GEPF members
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The Government Employee Pension Fund (GEPF) has announced that its pensioners will receive an annual pension increase of 5.5% from April 1, 2022.
According to the fund, it instituted the increase to enable its beneficiaries to keep up with rising inflationary rates.
“This pension increase is based on the 5.5% inflation rate for the 12 months ending 30 November 2021, thus making the increase equal to 100% of the consumer price index (CPI) and higher than the 75% of consumer price index (CPI) provided in terms of GEP law and rules,” GEPF said in a statement.
“Pensioners who retired on or before April 1, 2021, are to receive the full increase of 5.5% as of April 1, 2022. Pensioners who retired after April 1, 2021, are to receive a proportionate increase based on the number of months they have received pension by March 31, 2022.”
When formulating the pension increase, the fund says it considered the following:
• The investment returns earned over the year,
• The level of inflation over the same period,
• How both relate to the assumptions adopted in the statutory valuations and
• How the increase will impact the financial position of the fund.
According to the fund, it instituted the increase to enable its beneficiaries to keep up with rising inflationary rates.
“This pension increase is based on the 5.5% inflation rate for the 12 months ending 30 November 2021, thus making the increase equal to 100% of the consumer price index (CPI) and higher than the 75% of consumer price index (CPI) provided in terms of GEP law and rules,” GEPF said in a statement.
“Pensioners who retired on or before April 1, 2021, are to receive the full increase of 5.5% as of April 1, 2022. Pensioners who retired after April 1, 2021, are to receive a proportionate increase based on the number of months they have received pension by March 31, 2022.”
When formulating the pension increase, the fund says it considered the following:
• The investment returns earned over the year,
• The level of inflation over the same period,
• How both relate to the assumptions adopted in the statutory valuations and
• How the increase will impact the financial position of the fund.
