Ahead of Friday's parliamentary debate, Junior Minister of Finance, The Hon. Wayne Furbert, JP, MP, reaffirmed the Government’s commitment to supporting Bermuda’s seniors while safeguarding the sustainability of the Contributory Pension Fund.

Effective August 16, 2025, pensions will increase by 2.3%, benefiting more than 15,000 Bermudians. This adjustment ensures that pension payments continue to reflect the rising cost of living, providing meaningful support to those who rely on them most.

Junior Minister of Finance, The Hon. Wayne Furbert, JP, MP, stated: “This Government continues to deliver for our seniors, not just in words, but in action. The Contributory Pension Fund holds over $2.25 billion in assets, which equates to nearly ten years of benefit payments even without new contributions. To preserve this strength, contribution rates will increase by 4.81% starting in August.

“For our seniors, this means real change. The basic contributory pension will rise from $1,179 to $1,206 per month, and the maximum pension will increase to approximately $1,752 per month. These increases matter, especially for those who depend solely on social insurance.”

This marks the seventh consecutive annual pension increase since 2017, a clear reflection of the Government’s ongoing commitment to retirees’ financial well-being.

Mr. Furbert concluded, “Our seniors built Bermuda. They deserve to live with dignity and security. This Government will continue to honour them with fairness, respect, and responsible leadership. We remain focused on ensuring that those who rely heavily on their social insurance benefits have a dependable and sustainable resource.”