{"id":38507,"date":"2023-02-03T16:18:50","date_gmt":"2023-02-03T16:18:50","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-pensioners-increase-by-1-434"},"modified":"2023-02-03T16:43:22","modified_gmt":"2023-02-03T16:43:22","slug":"gipf-pensioners-increase-by-1-434","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-pensioners-increase-by-1-434","title":{"rendered":"GIPF pensioners increase by 1 434"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>PENSIONERS receiving regular payments from the Government Institutions Pension Fund (GIPF) increased to 46 931 last year.<\/p>\n

According to the GIPF integrated annual report of 2021\/2022, new pensioners receiving payments increased by 1 434 from 45 497<\/p>\n

The increase saw GIPF paying out N$5,5 billion in benefits to members, up from N$5,2 billion in 2021, an increase of 7,5%, while pension contributions from contributing employers rose 1,2% to N$4,5 billion.<\/p>\n

\u201cThe increase in benefit payments is mainly attributable to an increase of 1 434 newly retired members, (2021: 5 993) and an annual inflationary adjustment of 4,62% (2021: 3%) offered to pensioners,\u201d GIPF said.<\/p>\n

During the past year, the fund paid out 8 847 benefit claims, about 1 110 more than the previous financial year’s claims of 7 737.<\/p>\n

This was mainly as a result of a 4% increase in monthly pension payouts, an increase of 1,8% on death benefits and an increase in funeral costs. Retirement (lumpsum) benefit claims reduced by 220 (from 3 197 to 2 977 in the previous financial year).<\/p>\n

Meanwhile, GIPF recorded a 2 404 decline in active membership in the 2021\/2022 financial year. The fund’s active members stood at 98 623 by the end of March 2022, down from the 101 027 recorded in the previous year.<\/p>\n

According to GIPF spokesperson Edwin Tjiramba, the five-year consecutive decline was due to the fact that GIPF is a maturing fund.<\/p>\n

\u201cThis depends on the number of members who retire, or it depends on whether the government is hiring enough workers,\u201d GIPF spokesperson Edwin Tjiramba said.<\/p>\n

In 2022, The Namibian reported that at least 52,5% of GIPF’s active members are aged over 50, and will retire in the next 10 years.<\/p>\n

This reduction in active members has resulted in an increase in the fund’s benefits\/contribution ratio from 116% in the past year to 123% ending March 2022. There is a longevity reserve of N$9,7 billion in place to cover members up until their death.<\/p>\n

The fund’s expenditure as a percentage of pensionable remuneration membership increased to 1,63% as a result of increased resource allocation to information systems technology, employment costs primarily due to the expansion of the investment department and member outreach initiatives.<\/p>\n

The fund incurred N$336,35 million as administration fees, up from the N$324,46 million in the previous year.<\/p>\n

GIPF’s investment return has increased with 10,8% to N$13 billion, compared to an increase of 26% (N$27,9 billion) in the prior year.<\/p>\n

\u201cThe increase is attributed mainly to favourable investment returns during the period under review,\u201d GIPF reported.<\/p>\n

Over the past nine years, the fund has managed to drastically increase its asset base. In 2013, GIPF’s assets were N$62,33 billion and in 2022, its asset base stood at N$147,04 billion.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. PENSIONERS receiving regular payments from the Government Institutions Pension Fund (GIPF) increased to 46 931 last year. According to the GIPF integrated annual report of 2021\/2022, new pensioners receiving payments increased by 1 434 from 45 497 The increase saw GIPF paying out N$5,5 billion in benefits to members, up from N$5,2 […]<\/p>\n","protected":false},"author":84,"featured_media":38505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-38507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nGIPF pensioners increase by 1 434 - Namibia<\/title>\n<meta name=\"description\" content=\"PENSIONERS receiving regular payments from the Government Institutions Pension Fund (GIPF) increased to 46 931 last year ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-pensioners-increase-by-1-434\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GIPF pensioners increase by 1 434\" \/>\n<meta property=\"og:description\" content=\"PENSIONERS receiving regular payments from the Government Institutions Pension Fund (GIPF) increased to 46 931 last year ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-pensioners-increase-by-1-434\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-03T16:18:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-03T16:43:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1675428537.64.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"681\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-pensioners-increase-by-1-434#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-pensioners-increase-by-1-434\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"GIPF pensioners increase by 1 434\",\"datePublished\":\"2023-02-03T16:18:50+00:00\",\"dateModified\":\"2023-02-03T16:43:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-pensioners-increase-by-1-434\"},\"wordCount\":426,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-pensioners-increase-by-1-434#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/02\/postQueueImg_1675428537.64.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-pensioners-increase-by-1-434#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-pensioners-increase-by-1-434\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gipf-pensioners-increase-by-1-434\",\"name\":\"GIPF pensioners increase by 1 434 - 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