The Government Institution Pension Fund (GIPF) has decided to increase monthly pension payouts by 4% to match Namibia’s current inflation rate.
According to GIPF CEO Martin Inkumbi, the pension benefit increase is effective from 1 April for all GIPF pensioners, qualifying annuitants, spousal and child beneficiaries.
“The decision was taken based on the fund being able to maintain a funding level above 100%, thus indicating that the fund’s assets can adequately cover its liabilities,” says Inkumbi.
As at December 2024, the fund had 55 507 active annuitants receiving a monthly pension averaging N$ 330.4 million per month, for a total of over N$ 3.9 billion per year.
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