GRENADA-FINANCE-Government pensioners receiving increased payment under new collective agreement.

Government pensioners have begun receiving a four per cent increase in their monthly payment under new contract agreement signed in earlier this year, the Ministry of Finance has said.

The agreement was signed with the Grenada Union of Teachers (GUT) in March and three months later with Public Workers Union (PWU).

'The Ministry of Finance advises pensioners that their September 2023 pension payment has been updated to reflect the four per cent increase for the 2024 period. The four per cent increase is applicable to the period January 1st 2023, to December 31st 2023, consistent with the increase agreed upon for public sector workers.'

The ministry also said that pensioners that their short payment for the period January 1st 2023, to August 31st 2023, will be paid by the next pay cycle on October 15 this year.

The new collection agreement provides for public officers to receive a 13 per cent increase for the period 2023-25. Under the agreement, for the years 2023 and 2024 public officers will receive a four per cent hike respectively and five per cent for the year 2025.

The Pension Act provides for all public...