$6.4 Million Increase In Pension Pay, $8 Million For Increments

NASSAU, BAHAMAS – Public service pension payments will increase by $6.4 million on December 1st, according to Prime Minister Davis, who also announced the reinstatement of increment payments for public officers and a Christmas lump sum for people receiving COVID-19 unemployment assistance.

Jillian Gray has that.

There is no way to alleviate entirely the suffering you have experienced over the past 18 months, but the hope is that this payment can mark the beginning of a new, more hopeful time for you. 

Prime Minister Philip Davis promising a $500 Christmas lump sum for thousands of Bahamians receiving Covid-19 unemployment benefit assistance administered by the national insurance board.  

Davis told parliament that more than 17 thousand people are currently receiving assistance in the amount of 100 dollars per week. 

He called the small amount a stretch to pay their bills and feed their families. 

The Prime Minister also announced a 6.4 million dollar increase in pension payments, as of December 1st. 

For the 742 persons receiving less than $500 per month in monthly pension, they will receive an increase of $100. 

Davis added the 2,012 people currently receiving more than $500 but less than $1000 in monthly pension, will get a monthly increase of $75, while the 4,432 people currently receiving a monthly pension greater than $1,000, can expect a monthly adjustment of $50. 

The annual cost of this adjustment is $6.4 million, which is less than the amount owed in business license fees by one developer in new providence, who received the assistance of the former administration to avoid paying what was legally owed to the government. 

The previous government chose to help one wealthy developer.  

We choose instead to help thousands of Bahamians who have served our country well, Bahamians who deserve economic dignity in their senior years. 

Davis was not shy about slamming the former administration for not focusing more on Bahamians as he said his government will also reinstate increment payments for public officers, something he says the Minnis administration overlooked. 

The reinstatement of increments will be backdated to July 2021 to cover this fiscal year. 

The increments, which are nominal adjustments in earnings for the majority of public officers of no more than $700 per year, were withheld by the previous government – even as lavish public contracts were awarded to family members of cabinet ministers.  

This inequity is now being addressed. 

Those increment payments will begin January 2022 and is expected to total 8 million dollars this year.  

Davis said that will be funded by the increase in revenue experienced during the first quarter.