Aruba Government Announces Awg. 30,00 Increase in Pension Compensation Effective August 2024

Aruba’s government has announced a pension compensation increase of Awg. 30,00, effective August 2024, benefiting pensioners and low-income workers.

Overview of the Pension Compensation Increase

Details of the Increase and Eligibility

The Ministry of Finance and Culture of Aruba recently announced an upcoming increase in pension compensation, effective August 2024. This adjustment will see an additional Awg. 30,00 added to the current compensation, bringing the total to Awg. 200,00 per month for all Social Insurance Bank (SVB) pensioners. The change will be reflected in pension payments starting July 31, 2024.

Impact on Pensioners and Workers Earning Below Awg. 2500,00

Pensioners to Receive Awg. 200,00 in Compensation

This decision, which is part of the 2024 Budget Amendment, aims to provide additional financial support to pensioners receiving AOV (General Old Age Pension) and AWW (General Widow’s and Orphan’s Pension). The government is also working on a plan to increase compensation for employees earning less than Awg. 2500,00 per month, who will see a compensation increase of Awg. 50,00, bringing their total to Awg. 175,00.

Additional Compensation for Low-Income Workers

According to the SVB, approximately 19,548 AOV pensioners and 1,336 AWW pensioners will benefit from the new Awg. 200,00 compensation starting in August 2024. The Tax Department is expected to release the official compensation table soon to formalize these changes.

Image credit: gobierno.aw

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