The Department of Social Insurance is pleased to announce a 2.4% increase in seniors’ pension benefits, which was approved by the Cabinet and tabled in the Senate in July 2024. This inflationary adjustment will be tabled in the House of Assembly in September. Seniors will see the increase reflected in their October 15, 2024, pension payments, including a retroactive adjustment dating back to August 16, 2024. This increase will raise the basic contributory pension from $1,152 to $1,180 per month and increase the maximum pension from $1,673 to $1,713 per month.
“The Progressive Labour Party reveres its seniors which is why, unlike the OBA which granted one pension increase in 55 months, we are proud to keep our promise of increasing pension benefits, every year, by the rate of inflation,” said Premier and Minister of Finance, E. David Burt.
“When the House of Assembly returns in September, the Government will table the 2.4% pension increase which reflects our dedication to maintaining the quality of life for seniors and individuals with disabilities, helping to ensure their financial security keeps pace with rising costs. Since returning to government in 2017 those receiving the basic contributory pension will now receive an additional $1,572 per year.”
For further details, please contact the Department of Social Insurance at 294-9242.