30/04/2024

Budget 2024/25 Guarantees Payment Increases for Saint Lucia’s Pensioners

By OPM

 The Government of Saint Lucia, led by Prime Minister Hon. Philip J. Pierre, values the contributions of our retirees and pensioners to the development of our country. They deserve to live out their retirement years with the comfort of knowing their pensions will ensure them a dignified quality of life. 

However, global economic shocks like high inflation and energy costs disproportionately impact pensioners living on a fixed income. The Prime Minister is leading the effort to strengthen their spending power and make their hard-earned dollars go further. 

Before the Pierre-led Administration came to Office in 2021, many government pensioners earned as little as $314 monthly. Nearly 2400 NIC pensioners collected less than $500 monthly. Budget 2024-2025 will change that. The Prime Minister has made sure our retirees and pensioners are not left behind. He has signed off on a decision to increase the minimum monthly pension payments for government pensioners to $725!

The National Insurance Corporation (NIC) has agreed to follow suit and will increase its minimum pension payments to $500. Government and NIC pensioners will notice the increases in their monthly pensions in August 2024.

Government pension payments in the future will be linked to union-agreed negotiated salary increases for civil servants but not beyond the covered period of those negotiated settlements. 

In 2022, the government delivered $1.5 million in direct financial relief for government pensioners living on a fixed income. Every government pensioner received a one-time payment of $500. The government did it again in 2023, paying out more than $1.6 million to approximately 3,000 government pensioners. Every government pensioner collected another one-time payment of $600.

During his Budget Policy Address on April 23, 2024, Prime Minister Pierre made clear;

"...the people-centric policies of this government under the mantra: Putting People First are well rooted in our philosophical belief in social justice and wealth creation. These principles, along with good governance, will continue to guide the thinking, actions, and developmental thrust of this government. We believe no one should be left behind, especially the less fortunate and marginalized, while our country advances toward greater economic prosperity. We will continue to deliver on our 2021-26 Party Manifesto promises to the people of Saint Lucia."

The action taken by the Prime Minister to increase monthly pension payments will touch the lives of thousands of Saint Lucian pensioners.