$50 increase in SS benefit okayed
President Tommy Remengesau, Jr. signed yesterday House Bill No. 10-73-5, HD1, SD5 which added a $50 increase in the Social Security (SS) benefits of retirees.
Remengesau, in his signing statement, said that the $50 increase in SS benefits is necessary due to the rising cost of living. [restrict]
“Inflation is an issue we cannot ignore and I thank you for taking the proper steps to ensure that the spirit of Social Security is not lost,” Remengesau said.
The signed bill states that the rising cost of living affect most those who are dependent on fixed monthly income, adding that the Olbiil Era Kelulau (OEK) is “responsive to this issue and that Palau’s most vulnerable citizens must receive adequate income to live with dignity and independence.”
The increase in the SS benefit will be funded through available budget for Fiscal Year 2019. It also stipulates that the increase will take effect on October 1 this year until September 30, 2019.
“The continuation of this supplemental social security benefit payment beyond the conclusion of Fiscal Year 2019 is subject to appropriation of funds from the National Government,” the signed bill reads.
The new law also allows self-employed persons to choose to report his or her contributions by using actual income or salary as a basis for reporting contributions. (Rhealyn C. Pojas/Reporter)