Government Employees Pension Law, 1996Annexure 1 : Government Employees Pension Law, 199625. Increase of certain annuities and payment of allowances and bonuses |
| (1) | Notwithstanding anything to the contrary in any law contained but subject to the provisions of this section, the Board shall within the financial constraints of the Fund, and acting on the advice of the actuary, regularly— |
| (a) | authorise the increase of any annuity payable under this Law in order to ensure that the value of annuities is maintained by means of fair adjustments; and |
| (b) | authorise the payment of any allowance or bonus to any person who is in receipt of an annuity referred to in paragraph (a), |
| (c) | in accordance with such rates or scales, in such circumstances, on such conditions and with effect from such date, which may be a date in the past, as the Board may determine, in terms of its pension increase policy. |
| (2) | Different rates, scales, circumstances and conditions may be determined in terms of subsection (1) in respect of different classes or categories of members, pensioners and beneficiaries. |
| (3) | Any increase of any annuity and any allowance or bonus payable under subsection (1) shall be funded by the Fund. |
| (4) |
| (a) | Notwithstanding the provisions of subsections (1), (2) and (3), the Minister may supplement any benefit payable to a member or pensioner, or grant increases additional to such increases contemplated in subsection (1)(a) in order to protect such benefit from the effects of inflation: Provided that such supplements or increases shall only be effected after consultation with the Board. |
| (b) | If an annuity is supplemented or an increase of an annuity is granted as contemplated in paragraph (4)(a), the employer shall immediately compensate the Fund in full in respect of the liability as calculated by the actuary referred to in section 17(3) incurred by the Fund as a result of the granting of such supplement or increase. |