WINDHOEK, March 31 — Namibia’s Government Institutions Pension Fund (GIPF) announced Thursday that it would increase pension benefits amidst the “current volatile economic outlook resulting in increased fuel and commodity prices.
The pension increase serves to cushion pensioners from unexpected changes in their purchasing power.
“By awarding this pension increment, the Fund had to strike a delicate balance by considering the volatile investment returns due to the prevailing COVID-19 pandemic and the geopolitical circumstances in Europe, the need to manage expectations regarding pension increases, and to ensure that our pensioners live reasonably within inflation parameters,” said David Nuyoma, GIPF CEO and Principal Officer.
“The Fund is therefore happy that even during what would be termed as a difficult time, it is still able to provide pension increases above inflation,” said Nuyoma.
Namibians will face increases in both fuel and household commodity prices in the month of April after the Ministry of Mines and Energy on Thursday announced a price hike in petrol and diesel. Earlier this month, NamibMills, the country’s largest grain processing company also announced a price increase in commodities. (Xinhua)
Namibia to increase pension benefits amid rising commodity, fuel prices
