Government Institutions Pension Fund (GIPF) in Namibia has announced an increment in pension benefits by 3% scheduled to begin this month.
According to a statement, the increment will be extended to all pensioners and save them from unexpected erosion of their purchasing power. Chief Executive officer of the institution, David Nuyoma, said increment in the price of goods and services demanded that members get an increase in their payouts as well.
In his words, “The institution is happy that even during what could be could a difficult time, it is still able to provide pension increases above inflation rate.”
With a membership of more than 100 000, the GIPF pays about 2.1 billion Namibian dollars in monthly pension payouts