PERCENTAGE INCREASE IN THE RATE OF CONTRIBUTORY PENSIONS FOR RETIREMENT REGULATIONS

PERCENTAGE INCREASE IN THE RATE OF

CONTRIBUTORY PENSIONS FOR RETIREMENT

SUBSIDIARY LEGISLATION 318.25

PERCENTAGE INCREASE IN THE RATE OF

CONTRIBUTORY PENSIONS FOR RETIREMENT

REGULATIONS

1st January, 2019

LEGAL NOTICE 93 of 2019.

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 opts to remain

in his or her insurable employment or who is self-occupied shall not be

given the pension referred to in article 64A of the said Act when he or

she 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 to it and who opts to remain in his or her insurable employment

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 or

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

pension from the date when he or she decides to start receiving the

aforementioned pension in the following manner

(a)

an increase of 5% if one decides to receive the

pension a year later;

(b)

an increase of 10.5% if one decides to receive the

pension after two years;

(c)

an increase of 16.5% if one 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.

PERCENTAGE INCREASE IN THE RATE OF

CONTRIBUTORY PENSIONS FOR RETIREMENT

(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.

(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 demise of the beneficiary.