Grenada is implementing increments to its pension scheme, adding 4% to the previous amounts for September 2023. The addition is seen as an important financial decision, meant to benefit citizens greatly.
Officially, the 4% increase was been made applicable from the 1st of January 2023. This stipulation is consistent with the increase applied for public sector workers as well. This is being seen as a sign of parity among all parties affected by the decision.
Grenada’s pensioners have also been told that their short payments for the time period between January 1st to August 31st 2023 are to be paid in the next cycle of payment releases.
The country has been anticipating these annual increments which are quite important to most pensioners. These annual increases are also seen as an important counter to inflation.
The scheme is an important way of keeping the pensions of the older population competitive. Since their income sources are limited, it is seen as an essential step to ensuring financial security for that particular section of the population.