ALGIERS – The Ministry of Employment, Labor and Social Security pointed out, on Saturday in a statement, that increases in retirement pensions ranging from 2 to 7% will be implemented as from May 1, 2020.
“In view to improving the purchasing power of retirees, the Government has approved increases in retirement pensions ranging from 2% to 7% as of May 1, 2020,” said the same source.
According to the press release, these increases, which will be applied at variable rates depending on the overall amount of pensions and retirement allowances, particularly concern small pensions.
The rate of increase is set at 7% for pensions less than or equal to DZD20 000, 4% for pensions ranging from DZD 20 000 to DZD 50 000, 3% for pensions higher than DZD 50 000 and equal to DZD 80 000 and 2% for pensions and allowances exceeding DZD 80 000, the statement said.
These increases will be paid in June 2020 with retroactive effect for the month of May, concluded the press release.