Govt: Pension Benefits Increased By 1.2%
The Department of Social Insurance advised the public that “benefits have increased by 1.2% effective August 16th 2019.”
A Government spokesperson said, “Therefore benefits to be paid on Friday, March 13th 2020 will represent the new monthly amount plus the retroactive payment for the period August 16th 2019 to February 15th 2020. The benefit amount to be paid on April 15th 2020 will be the new monthly amount for all beneficiaries.
“For persons soon to be of pension age and provided that the Department has the correct contact details, you will receive in the mail an invitation to apply for a pension benefit two months before your 65th birthday.
“Should you have any questions, please contact the Department:Telephone: 441-292-9242; Email: SIBenefits@gov.bm; In-person: Ground Floor Government Administration Building, Parliament Street, Hamilton.”
Retail sales are down therefore imports are down, therefore income from import duty is down, but expenses are up.
That sounds like a reci8pe for bankruptcy to me.
Bravo!
Let’s hope that our seniors survive the impending Covid19 pandemic and can enjoy the largess of the Bermuda Government.
So, the govt effectively raises their own pensions at a time when we are in a shrinking economy and a pandemic is happening which will further erode our economy. The brilliance of Burt!
I would like to know who and how they calculate the pension increase as it never seems to be the percentage increase that they quote. Mine came in at 1.15%. They do this every time. Surely a programme can be written to calculate correctly.