Many state pensioners are enraged by the Government Employees Pension Fund (GEPF) granting only a 2.9% pension increase, calling it an insult.

The increase, effective next month, fails to keep up with inflation, leaving many retirees struggling financially.

A frustrated pensioner told Moneyweb: “Those who retired years ago on a low pension will be unable to survive. Appeals for a fair adjustment have gone unheeded.”

Critics argue that GEPF and the Public Investment Corporation (PIC) prioritize investments unrelated to pensions. While private sector investors achieved returns between 12% and 15% last year, the PIC managed just over 3%.

Retirees Struggling to Survive
Rebecca Maile, a former public health nurse, said the increase is meaningless against rising inflation and economic hardship.

“Some of my former colleagues have ended up in mental health institutions due to financial difficulties,” she revealed.

After 34 years of service, Maile had to invest part of her pension into a small business to stay afloat, a strategy that many other pensioners were unable to follow.

Political Influence Blamed
Critics claim political interference in the GEPF and PIC worsens the issue.

“The government controls the pension fund through political appointments. The finance minister sets the investment policy, and the deputy minister chairs the PIC board, ensuring firm political control,” a pensioner alleged.

As pensioners struggle with rising costs, many are calling for urgent reforms to protect their financial security.