Saint Lucians will receive an increase in pensions and lump sum benefits starting July 1.

It follows an actuarial review of operations of Saint Lucia’s National Insurance Corporation (NIC), the agency responsible for paying retirement and pension benefits.

“I am pleased to advise that approval has been given to the National Insurance Corporation to increase pension payments by 3 percent effective July 1, 2015. Increases in other lump sum benefits will also take effect on July 1st, 2015.

Among these would be an increase in the funeral grant from $1,750 to $2,500.00,” the country’s Prime Minister and Minister for Finance told Parliament. The NIC has also accepted a proposal to allow persons to receive a pension on or after the age of 65 years, even if they are still in employed.

Telesur