Government Employees Pension Law, 1996Schedule 1 : Rules of the Government Employees Pension Fund23. Annual increases in annuities |
| 23.1 | Annuities are to be increased with effect from 1 April every year. |
| 23.2 | Subject to section 25 of the Government Employees Pension Law, 1996 as amended, such increases shall consist of: |
| 23.2.1 | a basic increase at a rate of at least 75% of the average percentage increase in the Consumer Price Index (All Items) over a period of twelve months (1 December to 30 November of the previous year); and |
| 23.2.3 | an additional increase, if applicable, to be granted every year, commencing on 1 April 2002. For this purpose, any annuity which is less than the minimum level is to be brought up to that level. The minimum level is defined as 75% of the annuity at retirement adjusted for full inflationary increases. |
| 23.3 | For the purpose of rule 23.2.2, inflation is defined as the change in the Consumer Price Index (All Items) over the period under consideration. To allow for implementation and publishing delays, the index value four months prior to the applicable date will be used (30 November where the increase is with effect from 1 April). |
| 23.4 | Annuities for pensioners who have retired in the year prior to any increase date will receive a pro-rata increase. |
[Rule 23 inserted by Notice No. 1073 of 8 August 2003]