The Government Institutions Pension Fund (GIPF) has confirmed a 4.62% pension benefits increase, effective 01 April 2022 for all GIPF pensioners.
A statement from the GIPF reads that the Fund continues to provide guaranteed benefits to members, amidst the current volatile economic outlook resulting in increasing fuel and commodity prices. In this regard, the pension increase serves to cushion pensioners from unexpected changes in their purchasing power. The incessant ability to increase members’ benefits annually is driven by the Fund’s collective commitment to guard and grow members’ financial security.
“By awarding this pension increment, the Fund had to strike a delicate balance by considering the volatile investment returns due to the prevailing Covid-19 pandemic and the geo-political circumstances in Europe, the need to manage expectations regarding pension increases, and to ensure that our pensioners live reasonably within inflation parameters. The Fund is, therefore, happy that even during what would be termed as a difficult time, it is still able to provide pension increases above inflation”, said David Nuyoma, GIPF CEO and Principal Officer.