Dear Editor,
I wish to correct a piece of information highlighted by a letter writer in the December 28 edition of Kaieteur News. He/she wrote, among other things, “Just imagine NIS Pensioners were given 5% increase for 2015 after so many years”.
The fact is NIS Old Age pensioners have not benefited from a pension increase this year (2015) for the first time since 1991 (23 years).
There are two categories of pensioners. One-half of the public service minimum wage is awarded to those NIS pensioners who are in receipt of less than 50 per cent of the public service minimum wage. Thus, from July 1, 2015, this category of pensioners is owed by the Scheme the sum of $3,648 per month (½ of $50,000 (the present minimum wage) minus ½ of $42,703 (previous minimum wage)).
The other category of NIS Old Age Pensioners covers those who are receiving above the minimum pension. Their pension increase is similar to the percentage increase of the minimum wage. This year, the minimum wage has been increased by 5 per cent, thus their pension must also be increased by 5 per cent from July 1, 2015.
NIS pensioners must sound their united voice, lest their pension value deteriorates.
The government and the new board of the Scheme are answerable to the thousands of pensioners who made compulsory significant contributions together with their employers for years, to obtain a level of pension which the Scheme must protect in terms of maintaining the purchasing power of the pensionable rate.
Yours faithfully,
Samuel Jeffers
