Government Set to Commence Payment of New Pension Rates in June

The National Insurance Scheme (NIS) will soon commence the disbursement of increased Old Age or Retirement Pension benefits, as announced by the Ministry of Labour and Social Security.

The payment of the enhanced rates will be executed in phases. Beginning in mid-June, pensioners who receive their payments through direct deposits will start receiving the new rates.

Retroactive sums owed to pensioners will be disbursed at the end of June.

Pensioners who receive their payments via Pension Order Books will observe the new rates when their new books are due, commencing in July.

For those expecting new books in July 2023, the revised rates will be reflected, and the first Pension Order Voucher in the new book will account for the arrears.

Furthermore, pensioners whose new Pension Order Books are scheduled for August will receive the updated rates, and the first Pension Order Voucher in the new books will include the arrears owed.

The government aims to ensure a smooth transition to the new pension rates, providing financial support and increased benefits to pensioners under the National Insurance Scheme.

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