Republic of Mauritius- NPF will honor its obligations towards its beneficiaries, states Minister Daureeawoo

Minister Daureeawoo underlined that the phenomenon of an ageing population will have a direct impact on our social protection system.  She underscored that the number of Basic Retirement Pension beneficiaries in Mauritius rose by 107 % from 112,000 in the year 2000 to 232 030 in July 2020 and it is expected to reach 343, 000 by 2054 and added that  the payment of Basic Retirement Pension has increased from Rs 6,710 to Rs 9000 as at December 2019. With a decreasing birth rate, increasing life expectancy and an increase in the number of old people aged 60 and above, the sustainability of the pension system represents a real challenge, emphasised the Minister of Social Security.

She informed the House that as at date the current number of beneficiaries of the contributory pensions under the NPF stands at around 171, 711 and for the financial year 2020-2021, a total amount of around Rs 3.6 billion is expected to be disbursed by the Fund. For financial year 2021- 2022, the amount is expected to be Rs 4 billion and for financial year 2022-2023, it is estimated at Rs 4.5 billion, she underscored.

The Minister underscored that presently 232 030 beneficiaries are drawing a monthly basic retirement pension and provided the following figures:

For the Financial Year 2020-2021, the total amount of funds to be disbursed for the payment of basic retirement pension is estimated at Rs 27.7 billion.

As for the financial year 2021-2020 the total amount of funds to be disbursed is estimated at Rs 28.5 billion.

For financial year 2022-2023 amount to be disbursed is estimated at Rs 29.4 billion.

Minister Daureeawoo highlighted that the number of beneficiaries of Basic Retirement Pension increases by around 12,000 every year.

As regards the Basic Widows Pension, the Minister provided the following information:

There are presently 18, 239 beneficiaries drawing a basic widow’s pension.

For the financial year 2020 – 2021, the total amount of funds to be disbursed for the payment of Basic Widows Pension is estimated at Rs 2.1 billion.

For financial year 2021 – 2022, the total amount of funds to be disbursed is estimated at Rs 2.12 billion and for financial year 2022 – 2023, the amount is estimated at Rs 2.125 billion.

Whereas concerning the Basic Invalidity Pension the number of beneficiaries stand at 29, 049.

The total amount of funds to be disbursed for the financial year 2020 – 2021 is estimated at Rs 3.7 billion.

For the financial year 2021 – 2022 the total amount of funds is estimated at Rs 3.71 billion.

For the financial year 2022 – 2023, the estimated amount is Rs 3.715 billion.

The Minister of Social Integration, Social Security and National Solidarity concluded by stating that the existing Actuarial Firm RisCura Solutions (Mauritius) Ltd is undertaking an actuarial review of the National Pension Fund and it is only on completion of that review that Government will be in a position to give a forecast.