The Government Institutions Pension Fund (GIPF) has confirmed a 3% pension benefit increase, effective 1 April 2021 for all GIPF pensioners. 

Amidst the current volatile economic outlook, the Fund continues to provide guaranteed benefits to members. 

A pension increase serves to cushion pensioners from unexpected changes in their purchasing power; hence, the incessant ability to increase members’ benefits annually is driven by the Fund’s collective commitment to guard and grow members’ financial security. 

“In awarding a pension increase, the Fund had to strike a delicate balance by considering the volatile investment returns due to the Covid-19 pandemic, the need to manage the pensioners’ expectations with regards to pension increases and to ensure that they are still able to live a decent lifestyle above inflation. 

“The Fund is happy that even during what would be termed as a difficult time, it is still able to provide pension increases above inflation,” said David Nuyoma, GIPF CEO and principal officer.