Pension Payments to stabilize come July

Written by on January 26, 2017

Pension payments are expected to be normalized within the second Quarter of 2017.

This is according to the Director of the Social Security Board, David Matthias who was speaking on ZDK’s Open Forum on Wednesday. He said that as long as contributions are made in a timely manner pensioners will receive payments on time come July.

According to Mathias, the increase in the current contribution levels will aid in ensuring that payment are made in a timely manner, however it is still largely dependent on the contributors.

As of February 1st 2017 residents will begin to see 2 percentage points added to current contribution levels of Social Security and an increase in the Retirement age which will gradually increase every two year until it reaches the age of 65 in 2025.

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