Rwanda raises pension benefits for retirees  

The minimum monthly pension will rise from Rwf13,000 ($9.36) to Rwf33,710 (approximately $24.27) starting in January, according to the Rwanda Social Security Board (RSSB).

According to The New Times, this change was approved by a Presidential Order after a Cabinet meeting on January 17.

It's the first increase in nearly seven years; the last adjustment in 2018 raised the minimum pension from Rwf5,000 ( $3.60) to Rwf13,000 (about $9.36).

RSSB stated that the new changes aim to improve the well-being of beneficiaries across all income levels. Retirees with lower pensions will see the largest percentage increases.

For instance, those currently receiving Rwf20,000 ($14.40) will now get Rwf47,710 ($34.28).

Pensioners receiving Rwf50,000 ($36.00) will see their benefits increase to Rwf92,710 (about $66.64).

While those getting Rwf100,000 ($72.00) will have their benefits rise to Rwf155,210 (around $111.52).

Higher-income retirees will also receive increases, though the percentage is smaller. For instance, pensioners earning Rwf1,000,000 ($720.00) will now receive Rwf1,095,210 (approximately $786.80) per month.

RSSB noted that these adjustments will apply only to existing beneficiaries. In the fiscal year 2023-2024, the government paid out Rwf53 billion (around $38.16 million) in pension benefits to over 58,000 retirees.

This move is part of Rwanda's efforts to provide better support to its retired population.