Social pensions increase and 1,500 FNPF pensioners who had their rates reduced will also be covered

People at the age of 70 years and above, who are on the social pension system, will receive a 25% increase in allowances while those between 65 to 69 years will receive a 15% increase.

This means that the monthly allowance will increase from $100 to $125 a month effective August 2023. Those between the age of 65 to 69 years will have their monthly allowances increased from $100 to $115.

Effective from August 2023, the 1,500 FNPF pensioners who had their pension rates reduced by the military regime will also be able to access the Government social pension allowance of $125 if they are above the age of 70 or $115 if they are between 60 to 69 years.

FNPF will work together with Government to identify and put these pensioners on the social pension scheme, on top of what they receive from their current reduced FNPF pensions.

The social pension scheme is allocated a large budget of $78.2 million, an increase of $23.2 million to cater for the needs of 54,200 senior citizens.

While delivering the 2023/2024 National Budget, Deputy Prime Minister and Minister for Finance, Professor Biman Prasad says the funding allocation for the Ministry of Women, Children and Social Protection is increased from $147.7 million to $200.2 million. This is a major increase of $52.5 million.

$100,000 is allocated to cater for the establishment of a new Department of Children.

$19.9 million has been allocated for the Child Protection Allowance. This is an increase of $6.2 million.

To support the poor and disadvantaged, a sum of $45.6 million is allocated for the Family Assistance Scheme, whereby monthly cash transfers will increase by 15 percent per month and the existing $50 food voucher programme will continue in the next financial year.

The revised monthly allowance rate for the Family Assistance Scheme is 1 person household allowance will increase from $35.00 to $40.25; 2 persons household allowance will increase from $58.00 to $66.70; 3 persons household allowance will increase from $92.00 to $105.08; and 4 persons household allowance will increase from $127.00 to $146.05.

$43 million is allocated to cater for disability allowance, bus fare subsidy for elderly and disabled, electricity subsidy to households below $30,000 income and insurance for social welfare recipients.

$500,000 is allocated for the Women’s Plan of Action and a further allocation of $200,000 is provided to support women's organizations for their advocacy work.

Meanwhile we have received confirmation that the government bus fare subsidy of 10 percent will end which means bus fare is likely to increase.

2023-2024 Budget Coverage