New $5,000 old age pension from December 1

A ministry release issued yesterday said that for the first time senior citizens with an income of more than $3,500 a month, and up to $4,500 will be able to receive the Senior Citizens Pension.

The ministry is encouraging recipients of the Senior Citizens Pension to call or visit the welfare office in their area should they have any questions.

During the reading of the 2016 Budget Statement, Finance Minister Colm Imbert had proposed to increase the joint incomes received by retirees in respect of National Insurance and Old-Age pensions.

The new cap, he had said “will now be $5,000, or an additional $500 to put more money in the pockets of 88,000 senior citizens.

The release said that senior citizens who earn or receive between $3,500.1 and $4,000 a month for example will receive $1,000.

Those who earn or receive between $4,000.01 and $4,500 a month will receive $500.

Pensioners below the income levels are guided by the following

Income Senior Citizens Pension

$0-$1,500.00 $3,500

$1,500.01-$2,000 $3000

$2,000.01 -$2,500 $2500

$2500.01- $3,000 $2000

$3,000.01 - $3,500 $1,500

$3,500.01 –$4,000 $1,000

$4000.01 - $4,500 $500