Raising of Old Age Pension and Disability and Death Benefits Explained
The Presidential Decree of July 8, 2020 raising old age pension and disability and death benefits from March 31, 2016 by 20 percent as from August 1, 2020 comes along with a few changes.
Beneficiaries of the 20 Percent Raise
According to the Director General of the National Fund for Social Insurance (CNPS), Noël Alain Olivier Mekulu Mvondo Akame, this decision affects only those who are already on retirement and did not benefit from the reform of 2016. He refers to such people as “the old pensioners”.
He adds that approximately 100.000 persons will benefit from the new rate.
As for the financial burden on CNPS, it stands between twelve and fifteen billion CFAF.
Way Forward for those Affected by the Decree
The Director General of the CNPS explains that the procedure will not require any paperwork.
He indicates that the increase will be done automatically.
Expected Changes
Pensioners affected by the decree will notice an increase in the amount of money (pension) they are to collect.
In the meantime, those to collect disability and death benefits will also experience the change.
Eleanor Ayuketah Ngochi