Increase to Income Related Benefit and Basic Island Pension rates

At a meeting of the Executive Council on 27 September 2023, increases to Income Related Benefit (IRD) and Basic Island Pension (BIP) of 4% were approved.

With effect from 1 October 2023 the IRB will increase by £3.00 to £78.00 and BIP will increase by £3.10 to £80.60.

IRB and BIP rates are customarily increased at least annually and were last increased on the 1 October 2022 as part of the 2022 Cost of Living Package.

Following these changes IRB rates, including the proposed 2023 increases, will have increased by 55.5% and BIP rates by 55.9% since 2011. This increase is above the total inflation since 2011 of 32.9%.

The overall aim of IRB is to protect vulnerable groups of people from living in poverty in St Helena; it is an essential social protection mechanism safeguarding against abject poverty.

The BIP is intended to reward and support those aged 65+ who have completed at least 20 contributory ‘in kind’ years on Island and who lack an adequate financial work place pension. BIP persons on less than the full rate may also qualify for a top up on IRB.

IRB and the BIP (in the absence of alternative savings based pension schemes) provide social protection against the loss of income in the case of short or long term unemployment and ill health, for families with children under five years, and provide for those with either no pension or an inadequate one.

#StHelena #Pension #AltogetherWealthier

SHG

2 October 2023

St Helena Government Press Office

Telephone: 22470
Email: kimberley.peters@sainthelena.gov.sh