The Government Institutions Pension Fund (GIPF) Board of Trustees approved a pension increase of 5.5% for its pensioners effective 01 April.
The historic pension increases granted to existing pensioners of the Fund over the past 5 years were as follows; 2013 (6.5%), 2014 (7.5%), 2015 (6.5%), 2016 (7%), 2017 (7%).
“With the year on year percentage inflation rate standing at 3.5% the Board carefully considered the above factors and found the 5.5% pension increase suitable and affordable for the Fund. According to GIPF, the 5.5% pension increase will result in the Fund paying out an estimated N$115.8 million in monthly annuities which translates to approximately N$1.4 billion annually.
The Fund continues to live by our brand promise of guarding and growing our members’ benefits to ensure the sustainability of the Fund while looking after the well-being of all beneficiaries,” Ekandjo said.