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Moneyweb reports that the Government Employee Pension Fund (GEPF) has announced that its pensioners will receive an annual pension increase of 5.5% from 1 April 2020.
According to the fund, it instituted the increase to enable its beneficiaries to keep up with rising inflationary rates. “This pension increase is based on the 5.5% inflation rate for the 12 months ending 30 November 2021, thus making the increase equal to 100% of the consumer price index (CPI) and higher than the 75% of consumer price index (CPI) provided in terms of GEP law and rules,” the GEPF indicated in a statement. In formulating the pension increase, the fund said it considered the following: the investment returns earned over the year; the level of inflation over the same period; how both related to the assumptions adopted in the statutory valuations; and how the increase would impact the financial position of the fund.
- Read the full original of the report in the above regard by Palesa Mofokeng at Moneyweb
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