Pension payments increase by 14.3 pc

Irangika RANGE

Pension payments increased by 14.3 percent during the first eight months of last year to Rs. 75 billion from Rs. 65.7 billion of the same period of 2011.

The full impact of around 23,447 retirees in 2011 and the partial impact of new retirees of around 14,033 during the first eight months of 2012 has contributed to this increase.

A Finance and Planing Ministry spokesman told the Daily News that the increase in allowance to the pensions of public servants who retired on or before December 31, 2003 by Rs. 500 from January and by another Rs. 500 from July 2012 and an increase in the above allowance to those who retired during the period between January 1, 2004 and December 31, 2005 by Rs. 250 from January and by another Rs. 250 from July also contributed to this increase.