BER GVT Pension Increase for Seniors
On Aug. 14, BER GVT increased Social Insurance pension for seniors.
- BER GVT Department of Social Insurance announced 2.4% senior pension increase.
- Increase will raise basic contributary pension to $1,180/month, maximum to $1,713.
- Senior Pension Increase
- This increase was approved by the Cabinet and tabled in the Senate in Jul. 2024.
- Reported this inflationary adjustment will be tabled in the House of Assembly in Sep.
- Seniors will see increase reflected in their Oct. 15, 2024, pension benefit payments.
- Including a retroactive adjustment dating back to the date of Aug. 16, 2024.
- This increase will raise basic contributory pension from $1,152 to $1,180 per month.
- Additionally, will increase the maximum pension from $1,673 to $1,713 per month.
- Effectiveness
- Increase to be reflected in Oct. 15, 2024 payments; retroactive adjustment to Aug. 16.
| Regulators |
BER GVT
|
| Entity Types |
CNSM; Corp; Pension |
| Reference |
PR, 8/14/2024 |
| Functions |
Compliance; Financial; Product Administration; Treasury |
| Countries |
Bermuda |
| Category |
|
| State |
|
| Products |
Corporate; Pensions; Seniors |
| Regions |
Am |
| Rule Type |
Final |
| Rule Date |
8/14/2024 |
| Effective Date |
10/15/2024 |
| Rule Id |
222972 |
| Linked to |
N/A
|
| Reg. Last Update |
8/14/2024 |
| Report Section |
International |
Last substantive update on 08/19/2024
