Retirees' pensions to increase by 10%

Minister of Labour and Social Insurance, Taib Louh, granted approval for a 10% annual increase in the retirees’ pensions and grants, which was proposed this year by the syndicate, sources from the National Federation of Retirees said.

This procedure is expected to be applied on the beginning of May, as over two million retired are expected to benefit from the grant of pensions, a measure that is included in the annual increase that is funded from the incomes of the National Pensions Fund, in order to cope with the cost of living and high prices.

The government intentionally evaluated the grants and pensions of retired workers every year, to commensurate with the revenues of the fund, which received money from the workers and employees wages, and through cutting the rate of oil taxation, in application of the decision that was made by the president Bouteflika, noting that the Labour Minister’s decision usually takes into consideration the fund’s financial situation, and the extent of his ability to apply the demands of more than two millions retired, who live on simple grants and pensions that do not exceed for the majority 15.000 dinars monthly.