Pension Increase To Come Into Effect In Sept

August 16, 2022 | 9 Comments

The “approved 2.75% increase to pensions will come into effect in September 2022 and will be backdated to August 16, 2021,” Premier David Burt confirmed.

“In July, the Premier and Minister of Finance introduced the legislation to increase seniors’ pensions, and the Ministry of Finance has indicated that pensioners will receive the increase in their September 15th payment,” a spokesperson said.

“A Government spokesman noted that the proposed 2.75% increase will raise the basic contributory pension from $1,077 to $1,106 per month and the maximum contributory pension from $1,564 to $1,607 per month. This increase will mean that seniors will receive between an extra $355 to $516 each year.”

“As this increase will be backdated, to August 16, 2021, residents receiving social insurance benefits will receive an additional lump sum payment of up to $516 on top of their new increased monthly pension amount in September.”

The Premier said: “The Government is proud of its record of delivering for our seniors.”

Premier Burt added: “This pension increase keeps a promise we made to Bermuda’s seniors, and with the cost of living relief package recently introduced by the Government, we are providing the help needed by many in our community.”

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Comments (9)

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  1. Double s says:

    Woo hoo! A whole extra $29 a month. Too bad that doesn’t cover the recent Belco, insurance and grocery price increases.

    The brilliance of burt i tell you.

  2. Ringmaster says:

    Proud? He doesn’t mention that in 2021 Future Care premiums were increased by 6%, or $30. Cancels out the pension increase so seniors are still left grappling with the large increases in food, electricity etc, and not at 2.5% inflation. Government takes away and gives back less. The Premier is not even honest enough to acknowledge that fact.

  3. Unknown800k says:

    Burtcoin knows something no one else does.

  4. Question says:

    If inflation was 1.6% in 2021 and is 3% in 2022, then a 2.75% pension increase backdated for a year looks like pensioners are doing pretty well.
    That is, unless the government inflation statistics are a load of bollocks.

  5. Joe Bloggs says:

    Backdated by 13 months, so a basic pensioner gets a bonus of $377 and a person on full pension gets a bonus of $559. More votes purchased.

    I note that the new full pension will be $1607. Wouldn’t $1609 be more appropriate?

  6. Bright & Early says:

    Wow would you believe when I turned 65 I was told that I would receive 75% only as that was my contribution. So my monthly earnings are not enough to live on. Thank goodness I have provided an income from my rental property that my parents so kindly left me from all their hard work through the years. I still struggle paying for House insurance and land tax on my rental property. Good luck seniors on your new wealth!

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