GIPF increases pension benefits

The Government Institutions Pension Fund (GIPF) has increased its monthly pension and disability benefits by 5% from 1 April.

In a statement issued by Edwin Tjiramba, the general manager of marketing and stakeholders’ engagement, the fund says active annuitants (pensioners, spousal and child beneficiaries) will be awarded a 5% increase.

Tjiramba says a 5% increase for members receiving disability grants is also effective from 1 April.

“Pensions and disability income that have been in place for a year or more are eligible for a full 5% increase, and those under a year are eligible for a pro rata increase based on the number of months the pension has been in effect,” he says.

Tjiramba says the fund’s trustees have considered various factors, such as the inflation rate, the cost of living, and the reasonable benefit expectations of its active annuitants, as well as affordability on the part of the fund in coming up with the increase.

“A pension increase serves to cushion pensioners from unexpected changes in their purchasing power, hence the incessant ability to increase members’ benefits annually.

“The fund aims to match the Namibia Consumer Price Index to ensure pensioners retain their purchasing power over time, subject to affordability,” GIPF chief executive and principal officer Martin Inkumbi says.

He says the GIPF is committed to guarding and growing all members’ financial security.