Premier David Burt today confirmed that the approved 2.75% increase to pensions will come into effect in September 2022 and will be backdated to August 16, 2021. The Premier said: “The Government is proud of its record of delivering for our seniors.”
In July, the Premier and Minister of Finance introduced the legislation to increase seniors’ pensions, and the Ministry of Finance has indicated that pensioners will receive the increase in their September 15th payment.
A Government spokesman noted that the proposed 2.75% increase will raise the basic contributory pension from $1,077 to $1,106 per month and the maximum contributory pension from $1,564 to $1,607 per month. This increase will mean that seniors will receive between an extra $355 to $516 each year.”
As this increase will be backdated, to August 16, 2021, residents receiving social insurance benefits will receive an additional lump sum payment of up to $516 on top of their new increased monthly pension amount in September.
Premier Burt added: “This pension increase keeps a promise we made to Bermuda’s seniors, and with the cost of living relief package recently introduced by the Government, we are providing the help needed by many in our community.”
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