NIC Pensions increase amid rise in cost of living

Pensioners of the National Insurance Corporation (NIC) will receive an increase in their payments beginning August 2022.

NIC today announced a 4.2% increase in pension payments effective July 1st. This change will be reflected in the payment for August 2022, since pension payments for July are already prepared.

NIC periodically reviews and adjusts pensions to reflect the increase in the Consumer Price Index (CPI) over the review period. The last increase awarded by the NIC took effect 1st July 2015.

According to the Director of the National Insurance Corporation Mr. Matthew Mathurin, “Although the next scheduled review of pensions by the NIC is not due until 2024, the economic hardships to NIC pensioners on fixed pensions brought about by the unprecedented twin events of the global pandemic and the Ukraine-Russia war have prompted the Corporation to amend the schedule and undertake an interim review of the pensions.”

For the financial year July 2021 to June 2022, the NIC paid out a total of $100,758,301.18 in pensions.

Consistent with our vision to provide social security protection, the NIC will continue to monitor the situation with the view to protecting pensioners by stemming the erosive effect of inflation on the purchasing power of its pensions.