NIC Pensions Increase Amid Rise In The Cost Of Living

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Pensioners of the National Insurance Corporation (NIC) will receive an increase in their payments beginning August 2022.

NIC today announced a 4.2% increase in pension payments effective July 1st. This
change will be reflected in the payment for August 2022, since pension payments for July
are already prepared.

NIC periodically reviews and adjusts pensions to reflect the increase in the Consumer
Price Index (CPI) over the review period. The last increase awarded by the NIC took
effect 1st July 2015.

According to the Director of the National Insurance Corporation Mr. Matthew Mathurin,
“Although the next scheduled review of pensions by the NIC is not due until 2024, the
economic hardships to NIC pensioners on fixed pensions brought about by the
unprecedented twin events of the global pandemic and the Ukraine-Russia war have
prompted the Corporation to amend the schedule and undertake an interim review of the
pensions.”

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For the financial year July 2021 to June 2022, the NIC paid out a total of
$100,758,301.18 in pensions.

Consistent with our vision to provide social security protection, the NIC will continue to
monitor the situation with the view to protecting pensioners by stemming the erosive
effect of inflation on the purchasing power of its pensions.

Source: National Insurance Corporation

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Editorial Staff
Editorial Staff
Our Editorial Staff at St. Lucia Times is a team publishing news and other articles to over 200,000 regular monthly readers in Saint Lucia and in over 150 other countries worldwide.

5 COMMENTS

  1. While money problem is the bigest crime suitation,and the bigest problem issue.
    But goverment upon goverment,rulers upon rulers and leaders upon leaders,the country is not growing and moving forward, but splits in fraction ?
    Agenda upon agenda,manifeatos upon manifeastos only dream talk and unfilthly words,and never consider the labour code as the most important issue ?

  2. And PJP said he was the one who discussed? This increase is usually given every 3 years. Just check from 2015 to 2024 when the next increase is due. The pension was given a year earlier because of the present economic situation. The last one was given in 2015 due to the poor management of the economy by the SLP and now 2022 again under an SLP administration poor management of the economy.

    • Ok, ok. We know who you are. The one who backed paying for air conditioned horses and taking our money to give to Cabot. Good boy.

    • You deem the current PM a liar because you are unable to comprehend that discussions were held to attain a desirable outcome which addresses the escalating cost of living on pensioners.

      However, you pretended that the Former PM did NOT have discussions with the NIC, DIRECTING them not to persue their goal of attaining certain lands, but rather to provide financing to a foreign investor (Cabot), to acquire the very same lands.

      How are so devoid of reason in this country?

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