Dear Editor,
When even NIS and government paid old age pensions are increased, only old age pensioners from certain utilities, corporations and institutions are paid the increase. There are persons who at the specified retirement age of 55, 60 or 65 years of age who were contributing to the superannuation scheme of the entity/corporation they have worked with, have opted for a monthly pension rather than a lump sum pay-off. That monthly pension is paid to that person until he/she dies. One utility (GPL) has a superannuation scheme for its employees where on retirement that/ those persons are entitled to a monthly pension or a lump sum payment once they qualify. The problem is that persons who are paid the monthly pensions by this corporation do not receive an increase in their pensions as other old age pensioners do. The fact of the matter is that the pension the person receives at the time of his/her retirement is the same amount the person will receive if the person lives to be 100 years old. This is very unfair, given the fact that whenever the cost of goods and services is increased such increases have to be borne by all, including these and other pensioners. I retired from this corporation in 2007 at age 60 years and the monthly pension I received in 2007 is the same amount that I presently receive.
I am therefore asking the Minister of Social Protection to look into this matter.
Yours faithfully,
Colin Gill