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Finance Minister announces new rates for old age and other basic pensions

Date: December 17, 2014
Domain:Social Security
Persona: Citizen; Government
 

GIS - 17 December 2014:The Minister of Finance and Economic Development, Mr Seetanah Lutchmeenaraidoo, announced an increase in the rates for old age and other basic pensions yesterday during a press conference in Port Louis.
 
Mr Lutchmeenaraidoo said that as from Monday all beneficiaries of old age and other basic pensions will benefit from the increase adding that as at 27 December 2014 all the 240 000 beneficiaries who are eligible for pensions will be remunerated. This exercise will cost the Government around Rs 4.7 billion, he added.
 
Commenting on putting the economy on the right track, Mr Lutchmeenaraidoo called for more transparency in Government institutions.
 
Regarding the 2015 budget, he stated that it will be presented during the first week of March with the budget consultations starting in January 2015. He further highlighted that the forthcoming budget will be presented in a simple manner and that the Programme Based Budgeting will be phased out.
 
Budget 2015 will focus on creating growth; equal distribution of national wealth to the population; and a particular attention to the needy segment of the society, he added.  He also underlined that a fair share of the budget, that is an estimated amount of around Rs 10 billion, will be allocated to boost the Small and Medium Enterprises which he said play an important role in the development of the economy.
 
The new rates for old age and other basic pensions
(Effective as from December 2014)
 
 
 
 
Current Rates
(Rs)
New Rates
(Rs)
Increase
(Rs)
Basic Retirement Pension
 
 
 
            60-89 years
3,623
5,000
1,377
            90-99 years
10,789
15,000
4,211
            100 years & above
12,300
20,000
7,700
 
 
 
 
Basic Widow’s Pension
 
 
 
            Basic Widow’s Pension
3,267
5,000
1,733
 
 
 
 
Basic Invalidity Pension
 
 
 
Basic Invalidity Pension
3,267
5,000
1,733
 
 
 
 
Basic Orphan’s Pension
 
 
 
            Orphans under 15 years and not in full             time education
1,810
2,500
690
            Orphans between 3 and 20 years in full time education
3,330
4,000
670
 
 
 
 
Child’s Allowance
 
 
 
            (a)        Under 10 years
1,059
1,400
341
            (b)        10 years and above
1,133
1,500
367
 
 
 
 
Other Basic Pensions
 
 
 
            (a)        Basic Retirement Pensioners               drawing invalidity Pension (Severely Handicapped)
2,286
3,000
714
            (b)        Guardians Allowance
798
1,000
202
            (c)        Carer’s Allowance
1,978
2,500
522
            (d)        Inmate’s Allowance
560
700
140
 
 
Government Information Service, Prime Minister’s Office, Level 6, New Government Centre, Port Louis, Mauritius. Email: gis@govmu.org  Website:http://gis.govmu.org
 
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