Hon Dwayne Seymour

Following consultation with and support from the National Pensions Board, the Director of the Department of Labour & Pensions ( DLP) has approved an increase in the 2024 Retirement Savings Arrangements (RSA) disbursement figure from CI$14,125 to CI$15,000/ per annum, effective 1 June 2024.

The new RSA Disbursement figure is a 6.2% increase from 2023 and is reviewed on an annual basis, to determine if the sum needs to be adjusted in line of the Consumer Price Index (CPI).

The Director of Labour & Pensions Bennard Ebanks said “Based on the 2023 CPI Economics Statistics Office (ESO) Report, an increase to the RSA disbursement amount is warranted and as such, I approved an increase beyond the average CPI increase, which would equate to the current minimum annual pension of $15,000. This would bring the National Pensions Act (NPA) disbursement in line with what the Government has recently set for the Public Service Pensions.”

stated, “On behalf of the Ministry of Border Control, Labour & Culture, I extend my heartfelt gratitude to our esteemed Labour Director for the commendable increase in the RSA disbursement for 2024. In these times of rising living costs, this proactive measure ensures that our retired citizens receive the additional support they need to manage their household finances with greater ease and dignity. Your dedication to improving the lives of our retirees is truly admirable and reflects our shared commitment to the well-being of all our citizens.”

All applications received from 1 June 2024 and all approved RSAs are entitled to the new maximum figure, CI$15,000, at their next disbursement.

If you have queries relating to the new RSA increase contact your Pension Plan Administrator