Pension budget increases to P3.1bn

Authorised old age pension expenditure for the 2024–2025 financial year (ending March) was P1,385,637,690 and it has now been increased to P3,088,156,960 in the 2025–2026 budget estimates. The P3.1 billion budgeted under the Department of Social Development now awaits Parliament approval. Senior citizens will smile after April Fool's Day. Delivering the 2025–2026 Budget Speech last week Monday, Finance Minister Ndaba Gaolathe revealed that they had searched every pocket they had and could only propose an increase to P1,400 rather than the P1,800 they had promised in the Umbrella for Democratic Change (UDC) manifesto.

“The true measure of a society lies in how it cares for its most vulnerable members, reflecting its collective humanity and sense of justice. Whilst fiscal constraints limit substantial increases in social welfare programmes, we remain resolutely committed to inclusiveness and the well-being of our citizens,” Gaolathe said during his maiden Budget Speech.