The Government Institutions Pension Fund (GIPF) has increased pension benefits to its members by 4.62%, effective from 1 April 2022.
The increase for all GIPF pensioners comes hot on the heels of food price increases and the increase of petrol prices.
“Amidst the current volatile economic outlook resulting in increasing fuel and commodity prices, the Fund continues to provide guaranteed benefits to members. A pension increase serves to cushion pensioners from unexpected changes in their purchasing power and hence the incessant ability to increase members’ benefits annually is driven by the Fund’s collective commitment to guard and grow members’ financial security,” said Mr David Nuyoma, CEO of GIPF.
“By awarding this pension increment, the Fund had to strike a delicate balance by considering the volatile investment returns due to the prevailing COVID-19 pandemic and the geo-political circumstances in Europe, the need to manage expectations regarding pension increases and to ensure that our pensioners live reasonably within inflation parameters.
“The Fund is therefore happy that even during what would be termed as a difficult time, it is still able to provide pension increases above inflation.”
In the photo: GIPF’s Principal Officer David Nuyoma shares a smile with the nation.