Gov’t to raise pension pay in January next year

Gov’t to raise pension pay in January next year
Published 20 December 2018

The government will raise the salaries of pensioners beginning January next year, said Win Htike, the deputy permanent secretary of Ministry of Planning and Finance, on December 19.

The calculation of increased salaries for pensioners will be based on the pay increase rates for civil servants, issued on April 29.  Currently, there are more than 800,000 pensioners in Myanmar. Last year, the pension pay amounted to around Ks700 billion. Now we need to re-calculate the rates,” he added.

According to the statement issued by the Ministry of Planning and Finance on December 19, the Union government decided to increase the salaries of pensioners at its meeting on December 12.

In accordance with the Pension Bylaws, the increased pension pay will be calculated based on the salary rates fixed by Ministry of Planning and Finance,   There were 744,203 pensioners in 2017-2018 fiscal year.

Ministry of Planning and Finance directed other ministries to calculate the increase salaries since April, 2018. The government decided to increase the salaries of civil servants at its meeting 7/2018 since April this year.