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Pensioners Get Backdated Increases in August
All Africa
July 27, 2010
Namibia
As
from August the almost 200 000 registered Namibian pensioners can line their pockets with an extra N$50 from their pension grants as promised in April this year.
Peter Mwatile, Permanent Secretary at the Ministry of Labour and Social Services, informed pensioners country-wide to visit their designated pay points to collect their N$500 pension money plus an additional N$200 which is backdated to 1 April this year, when Namibia's annual budget was announced.
Mwatile admitted that N$50 is not much, but he added that Government has recognised the need and has done its best with the resources available.
"If we had the resources, we would love to have doubled the pension," he said. "The problem is we are basing the increase on the resources we get."
The pensioners' social grant was increased in April from N$450 a month to N$500.
The announcement of the N$50 increase was made by President Hifikepunye Pohamba during the State of the Nation address in April.
Mwatile added that N$50 is at least a recognition of the need of Namibian pensioners and was "better than nothing at all".
Local economists told The Namibian earlier this year that inflation can play havoc with the pensioners' money.
Old Mutual Namibia Group Economist Robin Sherbourne said in April the increase conformed to the pattern seen over the past years.
"Government allows inflation to eat away at pensions only to pop it up again after a while," he said.
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