(CMR) Pensioners are to see an increase in their monthly payout following an adjustment made for a cost of living increase.
The increase is based on the Consumer Price Index (CPI) or cost of living increase for 2019, as determined by the Government’s Economics and Statistics Office
The Public Service Pensions Board made the announcement on Monday through its Facebook page.
“The PSPB is pleased to announce that there will be a cost of living increase awarded to pensions in June. In accordance with the Public Service Pensions Law, our DB and DC pensioners are having their pensions increased by 5.56% for inflation retroactive to 1 January 2020, ” said the board in a post on its Facebook page.
As a result, come June pensioners will see the adjustment reflected in their monthly payout.
In addition to a monthly increase, pensioners will receive a retroactive payment for January to May of this year.
All eligible pensioners will be in receipt of a letter late next month providing the details.