PERCENTAGE INCREASE IN THE RATE OF CONTRIBUTORY PENSIONS FOR RETIREMENT REGULATIONS

PERCENTAGE INCREASE IN THE RATE

OF CONTRIBUTORY PENSIONS FOR RETIREMENT

SUBSIDIARY LEGISLATION 318.24

PERCENTAGE INCREASE IN THE RATE OF

CONTRIBUTORY PENSIONS FOR RETIREMENT

REGULATIONS

1st January, 2016 *

LEGAL NOTICE 289 of 2016.

The title of these regulations is the Percentage Increase in

the Rate of Contributory Pensions for Retirement Regulations.

(1) Every person who satisfies the conditions laid down in

article 64A of the Social Security Act and who chooses to remain in

his insurable employment in the private sector or who is self-

occupied shall not be given the pension referred to in article 64A of

the said Act when he has the right for it.

(2) The aforementioned pension should be renounced for a

period of not less than one year from the date when a person has the

right for it and who chooses to remain in his insurable employment

in the private sector or who is self-occupied.

Every person who renounces to the aforementioned

pension for a period of not less than one year from the date when he

becomes eligible shall benefit from an increase in the rate of the

pension from the date when he decides to start receiving the

aforementioned pension in the following manner

(a) an increase of 5% if he decides to receive the pension a

year later;

(b) an increase of 10.5% if he decides to receive the

pension after two years;

(c) an increase of 16.5% if he decides to receive the

pension after three years; and

(d) an increase of 23% if one decides to receive the

pension after four years.

When the calculation is made for the purposes of

establishing the additional amount according to the rate with the

percentage increase, the following shall be taken into

consideration

(a) the year in which the pension was due;

(b) the rate of the pension that was due; and

(c) the number of years in which the pension was not paid.

(1) The additional amount emerging from regulation 4

shall remain fixed and it shall be paid with an increase in the rate of

the pension as it is calculated every year in accordance to Section V

of the Social Security Act.

*see regulation 1(2) of these Regulations, as originally promulgated.

PERCENTAGE INCREASE IN THE RATE

OF CONTRIBUTORY PENSIONS FOR RETIREMENT

(2) The additional amount emerging from sub-regulation (1)

can be paid to the survivors of the beneficiary if the survivors

benefit from the pension in accordance with Section IV of the

Social Security Act paid after the death of the beneficiary.