The minimum pension a Rwandan retiree gets is set to more than double from the current Rwf13,000 to Rwf33,710, effective January, Rwanda Social Security Board (RSSB) said on Friday.
This is one of the increments provided for by a Presidential Order approved by the Cabinet meeting of January 17, increasing benefits for pensioners and occupational hazards.
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RSSB stated that the new changes are designed to improve the well-being of beneficiaries across all income levels.
The new increment comes nearly seven years after adjustments made in 2018, which saw the minimum pension benefits for retirees more than doubled from Rwf5,000.
Based on the pensioners benefits brackets outlined in Article 4 of the Presidential Order, beneficiaries in every benefit category will receive an increment.
Pensioners in the lowest benefit category will receive the highest increase than those other categories, with retirees in the largest income group getting the smallest percentage increase, following the adjustments made.
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Apart from the minimum pension and occupational hazard benefits set to rise by 159.3 per cent, from Rwf13,000 to 33,710, beneficiaries receiving Rwf20,000 per month will get Rwf47,710, which is an increment of 138.5 per cent, or more than double the current amount.
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Beneficiaries receiving Rwf50,000 will see their benefits increase by 85.4 per cent to Rwf92,710, those getting Rwf100,000 will see their benefits go up by 55.2 per cent to Rwf155,210, while those receiving Rwf500,000 will see their benefits grow by 16 per cent to Rwf580,210.
For beneficiaries receiving Rwf1,000,000 in monthly pension, their benefits will increase by 9.5 per cent to Rwf1,095,210.
RSSB indicated that adjustments will also apply to other beneficiary categories, adding that the new increases in pension and occupational hazard benefits will only apply to existing beneficiaries.
In the fiscal year 2023-2024, pension benefits amounted to Rwf53 billion paid to slightly more than 58,000 beneficiaries, according to data from RSSB.