THE Public Service Pensions Fund (PSPF) board has increased monthly pension to its pensioners and beneficiaries of the deceased by seven percent.
PSPF head of public relations Alex Chileshe said in a statement yesterday that the lowest paid pensioner will now be receiving an annual pension of K3,084.00 or K257 per month.
And the highest paid pensioner will now be getting K84,768 annually and K7,064.00 per month.
“There has been an outcry from pensioners and beneficiaries of the deceased estates to the Public Service Board to revise monthly pension in tandem with the rising cost of living,” Mr Chileshe said.
He said the PSPF board is committed to maintaining real value for pension and has been indexing monthly pension every year in the past three years.
He said monthly pension for PSPF pensioners and beneficiaries is generally considered low because of the design of the pension system where retirees prefer to get two-thirds of their lump sum and only leave one-third for their monthly pension.
Mr Chileshe said PSPF is working on improving its investment in an effort to address the plight of pensioners.