Consumer Price Index (Cpi) Legislation Needed For The Increase Of Aov Pension Approved In Parliament.
PHILIPSBURG:--- On August 16th, the Minister of Public Health, Social Development and Labor, Omar Ottley presented legislation to Parliament regarding the reparation of several legislations used to increase amounts such as pension and minimum wage.
"I am proud to announce that it was voted on and approved by Parliament unanimously. This critical legislation will allow the long-awaited increase of AOV pension to occur for 2023, and ensures a timely annual indexation of minimum wage and pension moving forward," stated Minister Ottley.
The changes to specific regulations include the national ordinance on general old-age insurance (pension), the national ordinance on general widows and orphans insurance, the national ordinance on minimum wages, the national health insurance ordinance, and the national accident insurance ordinance.
The legislation amends the provisions of certain national regulations relating to the adjustment of amounts based on developments in the price index for household consumption.
Under current legislation, the adjustment of amounts such as pension is subject to the CPI for the month of August of the previous year to the current year.
However, in 2018, the methodology used by the Department of Statistics has been adjusted and the price index is determined quarterly.
Therefore, JZW, SER, COA, and the Governor have all given negative advice on all attempts to index pensions based on 3rd quarter CPI Read more
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