The Government Employee Pension Fund (GEPF) in South Africa says its pensioners will receive an annual pension increase of 5.5% from April 1, this year.
According to the fund, it instituted the increase to enable its beneficiaries to keep up with rising inflationary rates in the country.
GEPF said in a statement that, quote “This pension increase is based on the 5.5% inflation rate for the 12 months ending 30 November 2021, thus making the increase equal to 100% of the consumer price index (CPI) and higher than the 75% of consumer price index (CPI) provided in terms of GEP law and rules,” End quote.
It further adds that “Pensioners who retired on or before April 1, 2021, are to receive the full increase of 5.5% as of April 1, 2022. Pensioners who retired after April 1, 2021, are to receive a proportionate increase based on the number of months they have received pension by March 31, 2022.” End quote.