Retirees will gain another $50 dollar on top of their Social Security benefit payments come October 2018 if a bill that passed both houses of OEK yesterday become law. The bill increasing Social Security benefit payment by another $50 will be sent this week to President Remengesau Jr. for his approval.
Source of fund for this increase in benefit payment comes from direct appropriation of $1.9 million from the budget “subject to availability of funds as determined by FY 2019 budget”. It also amends Social Security Act to allow self-employed persons to choose to report his/her contributions by using actual income or salary as a basis for reporting contributions.
The bill also approved appropriation of $1.6 million subsidy to PPUC to pay its loan with ADB and another $95,000 to pay PPUC’s civil fines. The funds will pay the first payment on the loan for water and sewer from ADB in lieu of not raising tariff for water and sewer this year.
In addition, the bill appropriates $100,000 to fund the Human Trafficking Office under the Ministry of Justice. It also appropriates $70,000 to repair Peleliu roads in preparation for the upcoming third anniversary of visit of the Emperor and Empress of Japan.
The bill passed Senate on March 23rd and passed the House of Delegates on March 26th. It is expected to be transmitted to President Remengesau this week.(L.N. Reklai/Editor) [/restrict]