In view of inflation, in October 1994, old-age and disability pensions have been increased by rates varying between 5 and 35 per cent, according to the year in which the entitled person first received the benefit. Thus the annual rate of pensions was increased by 5 per cent for all pensions first paid in 1992; by 10 per cent for all pensions first paid in 1991; etc.; and by 35 per cent for all pensions first paid before 1987. The minimum pension was set at EC$35 per week; it had been EC$25 per week previously.
In April 1995, the annual rate of old-age and disability pensions was further increased by 5 per cent for all pensions payable before 1 January 1995.
In October 1994, the rate of survivors' pensions payable to widows and widowers was raised from one-half to three-forth of the maximum pension available for payment to survivors. The rate for each child was increased from one-sixth to one-forth of that maximum pension and from one-third to one-half in the case of a full orphan or an invalid child.
The funeral grant payable on the death of an insured person was augmented from EC$1,000 to EC$1,600 in October 1994.
Since April 1995, funeral grants are also payable upon the death of a spouse and upon the death of a child of an insured person; the amounts are EC$1,200 and EC$600 respectively.
Reference: National Insurance (Benefit) (Amendment) Regulations, 1994, of Grenada; National Insurance (Benefit) (Amendment) Regulations, 1995, of Grenada.
Legislation date: 09.1994 , 02.1995
Implementation date: 10.1994 , 04.1995