Premier: Proposed 4.1% Increase To Pensions

July 14, 2023 | 12 Comments

The proposed increase will be 4.1%, which “will raise the basic contributory pension from $1,107 to $1,152 per month and increase the maximum pension from $1,607 to $1,673 per month,” Premier and Minister of Finance David Burt said in the House of Assembly today [July 14].

The Premier’s full statement follows below:

Mr Speaker, in this Government’s 2017 Election Platform, we pledged that we would increase pension benefits by the rate of inflation and earlier today, with the tabling of the Contributory Pensions [Amendment of Benefits] Order, I am pleased to announce that it is a promise that this Government is proud to keep, just as we have done since 2017!

Mr Speaker, this Progressive Labour Party Government reveres its seniors and understands the challenges that are faced by many. We also believe that it is essential that we keep our promises made to the electorate, as it is vital to maintain trust in politics. Therefore, the proposed pension increase aims to sustain the quality of life of our seniors and people with disabilities in the face of 40-year high inflation, ensuring that their pensions keep up with rising prices.

Mr Speaker, honourable members and members of the public should note that the overall CPI rate has increased by 4.1% since this Government increased pensions last year. Therefore, the proposed increase will be 4.1%, fully covering the overall inflation rate. This increase will raise the basic contributory pension from $1,107 to $1,152 per month and increase the maximum pension from $1,607 to $1,673 per month.

Mr Speaker, many are concerned with the state of the Contributory Pension Fund and its ability to continue paying benefits as our population ages. Mr Speaker, the work is well advanced on finalising the revisions to the public pension system, with final consultations commencing next week before the Cabinet takes under consideration the proposals to bring to this Honourable House in the next session.

In the interim, Mr Speaker, this Government will keep its election promise to the People of Bermuda and ensure the annual social insurance increase occurs in August of this year, with the increased payments going to our pensioners on September 15th.

Mr Speaker, I look forward to providing this Honourable House with more detailed information about the Contributory Pension Fund, the proposed 2023 increase, and the reforms under consideration when we debate this proposed order next week.

Mr Speaker, in closing, this Government is proud of its record of delivering for our seniors. We kept our promise to increase the prescription drug benefit under Future Care. We kept our promise to build more affordable housing for our seniors. We kept our promise to expand the home-care benefit under Future Care. We kept our promise to introduce a Charter of Rights and Responsibilities for seniors. And today, Mr Speaker, we are once again keeping our promise to increase Social Insurance by the rate of inflation to support the seniors of Bermuda.

Thank you, Mr Speaker.

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Comments (12)

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  1. Warrior says:

    Politician’s shouldn’t get increase in pensions. Give Pensioners 15 0/0

  2. Mark says:

    Must be getting ready for an election

  3. SMH says:

    Wow such a huge increase, what will they do with all that money? Maybe use it for transport to the polling station for the up coming general election.

  4. sixedeb says:

    SEE

  5. puzzled says:

    “Proposed”.

    You fools wills never get it will you.
    Proposed.

  6. Question says:

    Food inflation in Bermuda is 9.4%.

    • Joe Bloggs says:

      “Food inflation in Bermuda is 9.4%.”

      NO, no, no! Inflation in Bermuda is only 1/2 of that in the rest of world. The PLP government’s economic policy actually reduces the cost of goods between Port Elizabeth N.J. and Bermuda!

      • question says:

        You have a point. Official number is 9.4%, but that’s government figures, so reality is probably more like 25%.

  7. Triangle Drifter says:

    Promises made in 2017, not delivered yet in 2023, 6 years later.

    How many seniors have died waiting? How many more will die before getting that first pittance of a check?

  8. visitor says:

    I was just in Bermuda, visiting…it’s been 4 years.
    What happened? It’s a mess!
    What have you guys spend $3 billion on?

    The airport looks messy, it’s not that old. Where is all the cedar that was in the old airport?
    Someone’s house, near a vinyard?

    Can LF Wade provide free wifi to visitors, so they can communicate, and comply with Bermuda’s regulations, without “roaming”. There is no internet access, but you do get a message asking users to “unplug and re-plug the router”.
    Being told to put your phone away in the immigration arrival hall, while requiring visitors to hand it over to the immigration officer, is “Peek Bermuda”.

    Can you be any more un welcoming? Bermuda’s economy relies on IB and the trickle of tourists you have left.
    Do better, Bermuda.

    • Toodle-oo says:

      I’m sure that after a little reflection you came to the conclusion based on your observations that lack of WiFi at the airport is the least of our worries.

    • Question says:

      Wait until you see the state of the roads.

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