Government Employees Pension Fund pensioners receive 5.5% annual pension increase.
Government Employees Pension Fund (GEPF) has announced an annual pension increase of 5.5% to its pensioners and beneficiaries with effect from 1 April 2018.
The GEPF has granted this increase to enable pensioners and beneficiaries to keep up with rises in inflation. Inflation over one year until 30 November 2017 was 4.6% thus making the increase granted higher than inflation and higher than the 75% of Consumer Price Index (CPI) provided in terms of GEP Law and Rules.
An analysis of the assets held by the Fund in relation to the valuation of its liabilities undertaken in 2016 showed that the Fund is 115.8% funded, which means that there are sufficient assets in the Fund to cover its actuarial liabilities in full. However, increases above those provided for in GEP Law and Rules is granted at the discretion of the Board taking the Fund’s investment performance into account.