By Samantha Simon
[email protected]
In response to the persistent impact of inflation and recognizing the diminishing value of currency over time, the Cabinet of Antigua and Barbuda has taken a significant step to enhance the financial well-being of Government Pensioners.
A decision has been reached to provide an increase in their monthly pension payments, aligning with the changing economic landscape.
The exact amount of this increase is currently under negotiation, with a focus on affordability. This decision is being made in consideration of the ongoing 14% salary increase that current government employees have started to benefit from.
The Cabinet aims to strike a balance between meeting the financial needs of pensioners and ensuring the sustainability of the government’s fiscal commitments.
A dedicated team within the Ministry of Finance has been entrusted with the task of determining the affordability of these adjustments.
This includes a thorough assessment of potential revenue streams that may require adaptation to maintain a balanced budget while accommodating the increased expenditure associated with higher pension payments.
This initiative underscores the government’s commitment to the well-being of its retirees and its recognition of the impact of inflation on their financial stability.
As the negotiation and assessment process unfolds, further updates will be provided to keep the public informed about this vital development.