Staff Reporter
THE Government Institutions Pension Fund (GIPF) recently announced a 4,62% pension benefit increase, which will be effective from 1 April, for all GIPF pensioners.
According to the GIPF Chief Executive Officer (CEO) and Principal Officer, David Nuyoma, the fund is pleased with its ability to provide pension increases above inflation during this difficult time.
The fund stated that the pension increase serves to cushion pensioners from unforeseen changes in their purchasing power, especially because of the current unstable economic outlook, which has already resulted in an upsurge in fuel and commodity prices.
“The Fund had to strike a delicate balance by considering the volatile investment returns due to the prevailing COVID-19 pandemic and the geopolitical circumstances in Europe, the need to manage expectations regarding pension increases and to ensure that our pensioners live reasonably within inflation parameters,” Nuyoma added.
