Pensioners to get 4.62% benefit increase from GIPF, to cushion them from unexpected changes in purchasing power
The Government Institutions Pension Fund (GIPF) on Thursday announced a 4.62% pension benefit increase, effective 01 April 2022 for all GIPF pensioners, amid the current volatile economic outlook resulting in increased fuel and commodity prices.
According to GIPF, a pension increase serves to cushion pensioners from unexpected changes in their purchasing power and hence 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 geopolitical 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.